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Home » News » ENGIE secures 400 MW solar project from GUVNL in 0 mn investment boost

ENGIE secures 400 MW solar project from GUVNL in $200 mn investment boost

November 29, 2023 5:14 pm

ENGIE secures 400 MW solar project from GUVNL in $200 mn investment boost
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The company commits to leading India’s energy transition through partnerships, innovation, and sustainable solutions for renewables growth.

ENGIE, a prominent player in low-carbon energy solutions, has been granted a 400 MW solar project by Gujarat Urja Vikas Nigam (GUVNL) through the 750 MW GUVNL Phase (XVI) auction, entailing an approximate investment of $200 million. Securing its status as the preferred bidder, ENGIE inked a 25-year Power Purchase Agreement (PPA) with GUVNL. The project is projected to produce 907 gigawatt-hours of electricity, averting an annual emission of 774,112 tons of carbon. This venture will augment ENGIE’s renewable portfolio in India to 1.5 GW, spanning 18 projects across 7 states.

The company marks third renewable initiative in Gujarat, following the operationalisation of a 200 MW solar project in Raghanesda in August 2021 and a 29.9 MW wind project in Tithva in 2019. Currently in the construction phase, with the Final Investment Decision (FID) firmly in place, the project aims for operational status by the second quarter of 2024. This decisive FID represents a pivotal milestone for ENGIE, underscoring its ability to expedite renewable energy portfolio growth and attain the global target of adding 4 GW annually by 2025, reaching a total installed capacity of 50 GW. The FID stage, signaling the commitment of funds before project construction, signifies a critical juncture in project development.

Speaking on the achievement, Amit Jain, Managing Director, ENGIE India, said, “We are optimistic about many such future milestones of ENGIE. 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 transition towards sustainable energy sources is a crucial prerequisite for bringing about lasting change in consumption patterns, and ENGIE has emerged as a dynamic player in this field.”

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