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India

India

Engie launches 1GW India joint venture

INDIA: Engie is teaming up with investors the Abraaj Group to develop a portfolio of wind projects totalling more than 1GW.

The Abraaj Group does not currently have any wind projects in India but has developed a site in Pakistan (pic: The Abraaj Group)
The Abraaj Group does not currently have any wind projects in India but has developed a site in Pakistan (pic: The Abraaj Group)

The two companies claim they have identified a "robust pipeline" of wind projects in the country.

Abraaj previously launched a partnership investing in up to 500MW of solar power in India. French utility Engie has a total installed solar capacity of 325.6MW in India and won contracts for two 70MW solar projects last January.

Neither company has wind sites in India, however.

"Energy demand is growing tremendously in India, and Engie is investing in green energy sources as part of supporting the country with its sustainable development plans," said Engie Middle East, South and Central Asia, and Turkey CEO Sebastien Arbola.

The group entered Pakistan’s wind sector in August 2016 when it acquired a majority stake in Jhimpir Power, which is building a 50MW project in Sindh province.

Saad Zaman, partner at the Abraaj Group, said: "The Indian renewables sector has seen strong growth in recent times and we expect demand for power across the country will continue to increase.

"Buoyed by a strong regulatory framework, the renewables sector is a significant long-term, sustainable investment opportunity for Abraaj.

"Wind power generation today is approaching grid parity and offers a competitive solution to lower average power pool prices. There is a real opportunity to enhance renewable energy generation in India."

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