ADB and ENGIE Group to Build 400-Megawatt Solar Plant in Gujarat
The Asian Development Bank (ADB) and ENGIE group have signed a long-term loan agreement to construct and operate a 400-megawatt solar photovoltaic power plant in Surendranagar district, Gujarat. The project, costing 14.6 billion Indian rupees (approximately USD 175.9 million), aims to support India’s target of achieving at least 500 gigawatts of non-fossil fuel energy capacity by 2030.
ADB Director General for Private Sector Operations Suzanne Gaboury said, “The private sector’s engagement in the fight against climate change is pivotal for achieving a clean energy transition in Asia and the Pacific.”
This project is the second that ADB has financed for the ENGIE group in India, following the financing of the group’s flagship project in 2020. The solar panels will be constructed using locally produced bifacial photovoltaic power modules, supporting India-based manufacturers.
The plant will generate an average of 805 gigawatt-hours annually over the next 25 years, avoiding nearly 662,441 tons of carbon dioxide emissions per year. Enren Energy Private Limited, owned by the ENGIE group, will implement the project, while Gujarat Urja Vikas Nigam Limited will be the sole offtaker.
ENGIE India CEO Amit Jain said, “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 not only aligns with our green power goals but also catalyzes local job creation, reinforcing our pledge to India’s non-fossil fuel future.”
ENGIE group is a global leader in low-carbon energy and services, with operations in 31 countries. In India, ENGIE’s portfolio includes 1.1 gigawatts of operational projects, comprising 220 megawatts of wind and the remainder in solar.
At COP26 held in 2021, India committed to an ambitious five-part “Panchamrit” pledge, including reaching 500 GW of non-fossil electricity capacity and reducing emissions by 1 billion tonnes by 2030. India also aims to reduce the emissions intensity of GDP by 45 per cent and achieve net-zero emissions by 2070.
