ADB said its backing Engie with finances to construct a 200 MW AC solar project in India, which will enable the French energy company expand its renewables footprint in the country and also send positive signals to global investors. (Photo Credit: Engie)
- ADB has agreed to lend $65.5 million to Engie to build 200 MW AC PV capacity in India
- The project will be implemented by Engie SPV Electro Solaire at Raghanesda Solar Park in Gujarat
- Along with an international lender, ADB said it will provide the entire required to construct the project
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The Asian Development Bank (ADB) will lend INR 4.66 billion ($65.5 million) to an Engie Group entity to build a 200 MW AC solar PV project in India’s Gujarat. Engie has set up a special purpose vehicle (SPV) called Electro Solaire Private Limited (ESPL) to implement the project.
The project will be located at Raghanesda Solar Park in Gujarat. Electro Solaire won the 200 MW AC project in May 2019 in a 700 MW auction by Gujarat Urja Vikas Nigam Limited (GUVNL) for a winning tariff of INR 2.65 per kWh (see INR 2.65/kWh Lowest Tariff For 700 MW Gujarat Tender).
ADB said it will provide the entire debt, along with another international lender, required to construct the solar power plant. Engie is collaborating with the State Government of Gujarat to construct the project through ESPL. The commissioning date for the project is scheduled for H1/2021. On completion, it is expected to generate about 440 GWh of clean power annually. Engie expects the project will create about 1,200 direct and indirect jobs.
“The project will enable the ENGIE group to expand its renewable energy capacity in India and send positive signals to global investors to continue supporting the growth of renewable energy in India,” said Principal Investment Specialist at ADB’s Private Sector Operations Department, Mayank Choudhary. “The project is part of ADB’s ongoing support to India’s renewable energy sector and will help the Government of India meet its targets for non-fossil fuel-based electric power generation.”
In January 2020, Engie said it will reduce its net debt by €400 million by giving up its stake in its 12 solar assets in India to Edelweiss Infrastructure Yield Plus (EIYP) and its portfolio company Sekura Energy Limited (see Engie To Give Up Majority Stake In Indian Solar Assets).