ADB to finance ENGIE's 400MW solar PV project in India

The Asian Development Bank (ADB) and ENGIE group have signed a long-term loan agreement to construct and operate a 400MW solar PV power plant in Surendranagar District, Gujarat, India.

ADB was the mandated lead arranger for the loan totaling 14.6 billion Indian rupees (approximately $175.9 million).

Enren Energy Private Limited, a special-purpose vehicle owned by the ENGIE group, will implement the project, while state-owned electricity distribution company Gujarat Urja Vikas Nigam Limited will be the sole offtaker.

The plant will use locally produced bifacial PV modules and generate an average of 805GWh annually over the next 25 years.

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“In collaboration with ADB, we’re bringing a landmark 400-megawatt solar project to Surendranagar, Gujarat, marking a significant stride in India’s clean energy journey,” said ENGIE India CEO and country manager Amit Jain. “This venture not only aligns with our green power goals but also catalyzes local job creation, reinforcing our pledge to India’s nonfossil fuel future, firming our commitment to India’s energy transition.”

This project is the second project that ADB has financed for the Engie group in India, following the financing of the group’s flagship project in India in 2020.

ADB director general for Private Sector Operations Suzanne Gaboury commented: "The private sector’s engagement in the fight against climate change is pivotal for achieving a clean energy transition in Asia and the Pacific."

ENGIE group operates in 31 countries. In India, ENGIE’s portfolio includes 1.1GW of operational projects, comprising 220MW of wind and the remainder in solar.

This project will support the Government of India’s target of achieving at least 500GW of nonfossil fuel energy capacity by 2030.