The Asian Development Bank (ADB) has finalized a long-term loan arrangement with Engie for the development and operation of a 400MW solar power facility in India.
This financial support aligns with the Indian government’s objective of at least 500GW of non-fossil fuel energy capacity by 2030.
Led by ADB as mandated lead arranger, the financing package totals Rs14.6bn ($175.9m).
The loan is equally divided between ADB and the Asian Infrastructure Investment Bank, each contributing Rs7.3bn.
To be located in the Surendranagar district of Gujarat, the plant will generate an average of 805 gigawatt-hours (GWh) annually over 25 years, avoiding 662,441 tonnes of CO₂ emissions per year.
Engie India CEO and country manager Amit Jain stated: “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.”
This venture aligns with Engie’s green power goals and also creates local jobs, reinforcing its commitment to India’s non-fossil fuel future and energy transition.
Engie’s subsidiary, Enren Energy, will oversee the project implementation. Gujarat Urja Vikas Nigam is the sole purchaser of the generated electricity.
ADB’s private sector operations director general Suzanne Gaboury said: “The private sector’s engagement in fighting climate change is crucial for achieving a clean energy transition in Asia and the Pacific.”
This project exemplifies how ADB supports the private sector in developing renewable energy projects through long-term local currency financing.
Source :Engie
