The Asian Development Bank (ADB) has finalised 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.
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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.
This output will avoid 662,441 tonnes of CO₂ emissions annually.
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By GlobalDataEngie 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 not only aligns with our green power goals but also catalyses local job creation, reinforcing our pledge to India’s nonfossil fuel future, firming our commitment to India’s energy transition.”
Engie’s subsidiary, Enren Energy, will oversee the project implementation of the solar project. Gujarat Urja Vikas Nigam is the sole purchaser of the generated electricity.
ADB private sector operations director general Suzanne Gaboury stated: “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 exemplifies how ADB, as the region’s climate bank, supports the private sector in developing renewable energy projects through long-term local currency financing typically unavailable in local capital markets.”
The Indian government has provisionally approved TUECO’s [the Tezpur University Employees’ Co-op Credit & Thrift Society, a joint venture between UJVN and THDC India] proposed coal-based thermal power plant in Uttarakhand, Indian news agency PTI has reported.
