ENGIE secures $65m loan to expand renewable energy capacity in India

  • Sep 15, 2020
  • Energy Livenews

ENGIE has secured a $65.5 million (£51.1m) loan from the Asian Development Bank (ADB) to construct and operate a 200MW solar photovoltaic power plant at Raghanesda Solar Park in India’s Western state of Gujarat.

The company will collaborate with the Government of Gujarat to build the project and has signed a power purchase agreement for 25 years with the state government.

The project, which is expected to go live in the first half of 2021, is forecast to create about 1,200 jobs and generate about 440GWh annually – this is forecast to help avoid nearly 385,000 tonnes of carbon dioxide emissions every year.

ADB’s Private Sector Operations Department Mayank Choudhary said: “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.”

ENGIE group’s Head of Acquisitions, Investments, and Financial Advisory Phuntsok Wangyal commented: “We are glad to extend our relationship with ADB to Indian projects and the Raghanesda Solar Project is our commitment to the government’s non-fossil power generation efforts.”

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