- French company Engie has shared its strategy for the Indian solar market planning to spend $1 billion here
- The $1 billion amount is a ‘bare minimum’ as it intends to win 400 MW a year, translating into an investment of almost half a billion annually
- Quality of projects is a key criteria for the company to invest in India
- Investing in projects and building infrastructure is now the strategy for the French company in India
French energy company Engie plans to invest a ‘bare minimum’ of $1 billion in the Indian solar energy industry over the next five years, but it should be much more.
“We intend to win 400 MW a year, which means an investment of almost half a billion annually,” said company’s CEO Isabelle Kocher while speaking to Indian business daily The Economic Times (ET). Quality of projects is one criteria for the company that has been present in the Indian solar sector through its subsidiary Solairedirect.
Solairedirect secured financing of 6.75 billion INR ($100.99 million) for its solar project in Rajasthan in February 2017 (see Solairedirect Raises 6.75 Billion INR). Solairedirect also won a 250 MW solar project in Kadapa Solar Park in Andhra Pradesh in March 2017.
Primarily active in the EPC and consultancy space in India, Engie now wants to invest in projects and build infrastructure in India.
Asia is big on the mind of Engie, which signed eight agreements to develop clean energy solutions in Indonesia, Malaysia and Singapore earlier this year (see Engie Renewables Foray Into Asia Pacific).
Last year, another French energy giant, EDF, had announced plans to spend $2 billion on developing 2 GW of renewable energy projects in India through its renewable energy arm EDF Energies Nouvelles (see EDF In India).