Engie has started building a 400 MW solar plant in the Indian state of Gujarat. It secured the capacity through competitive bidding in a 750 MW auction by Gujarat Urja Vikas Nigam Ltd (GUVNL).
The project will be built with an estimated investment of around $200 million and benefit from a 25-year power purchase agreement (PPA) signed with GUVNL. It is estimated to generate 907 GWh of electricity and help to offset 774,112 tons of carbon emission annually.
Engie said the project is set for commissioning by the second quarter of 2024. Once commissioned, the project will take Engie’s total renewable energy portfolio in India to 1.5 GW spread across 18 projects in seven states.
In Gujarat, this is Engie’s third renewable project following the commissioning of a 200 MW solar project in Raghanesda in August 2021 and a 29.9 MW wind project in Tithva in 2019.
“The project is presently in the construction phase, with the Final Investment Decision (FID) already made… This successful FID decision is a significant milestone for ENGIE and showcases our potential to accelerate the development of our renewable energy portfolio and achieve our global target of adding 4 GW of capacity per year by 2025, taking our global installed capacity to 50 GW,” stated Engie.
“The FID decision is a crucial stage in the development of a project, marking the point at which a project sponsor or investor decides to commit funds to a particular project, and it’s the final stage of project development before construction or implementation begins.”
Engie plans to further expand its energy storage capabilities and provide innovative energy solutions to its customers in India.
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