ENGIE, a leading provider of low-carbon energy solutions, has clinched a major triumph in India’s renewable energy sector.
The company has been granted a significant 400 MW solar project by Gujarat Urja Vikas Nigam (GUVNL) as part of the 750 MW GUVNL Phase (XVI) auction process, marking a monumental stride in sustainable energy initiatives. The endeavor is anticipated to entail an investment of approximately $200 million.
Securing its position as the preferred bidder, ENGIE sealed a 25-year Power Purchase Agreement (PPA) with GUVNL. The project’s impressive potential lies in its estimated generation of 907 gigawatt-hours of electricity annually while mitigating approximately 774,112 tons of carbon emissions, a substantial contribution towards combating climate change.
This project serves as a significant addition to ENGIE’s renewable portfolio in India, amplifying its capacity to 1.5 GW across 18 projects spanning 7 states. Notably, in Gujarat alone, ENGIE is poised to embark on its third renewable project, complementing its existing 200 MW solar project in Raghanesda (commissioned in August 2021) and a 29.9 MW wind project in Tithva (established in 2019).
Presently in the construction phase, the project has already received the Final Investment Decision (FID) and is on track to commence operations by the second quarter of 2024. This pivotal step underscores ENGIE’s commitment to accelerating renewable energy development, aligning with its global objective of adding 4 GW of capacity annually by 2025, thus elevating its global installed capacity to 50 GW.
Amit Jain, Managing Director of ENGIE India, lauded the significance of this achievement, stating, “This award is a testament to ENGIE’s commitment to supporting India with its plan for energy transition and achieving its 500 GW clean energy goals by 2030.”
The successful culmination of this initiative not only signifies a milestone for ENGIE but also augurs well for India’s ambitious clean energy targets, further bolstering the nation’s resolve towards sustainable energy adoption and environmental stewardship.