Engie to Invest Rs 7,000 Crore in Solar Capacity Expansion by 2025

By siliconindia  |  Monday, 01 April 2024, 09:43:16 AM IST

Engie to Invest Rs 7,000 Crore in Solar Capacity Expansion by 2025
Amit Jain, CEO and country manager of ENGIE India, revealed the company's ambitious plans to significantly expand its solar capacity in India through a hefty investment of Rs 7,000 crore by 2025.
Jain outlined ENGIE's investment strategy, stating that approximately €800 million, equivalent to around Rs 7,000 crores, will be allocated to five upcoming projects in Rajasthan and Gujarat. This capital expenditure is earmarked to bolster ENGIE's solar capabilities and will be fully deployed by 2025.
Currently, ENGIE boasts an operational portfolio of about 1.1 GW of renewable assets in India. Over the past 18 months, the company has secured an additional 1.25 GW capacity through utility-scale renewable tenders, signaling its robust growth trajectory. Jain projected that by the end of 2025, ENGIE's operational capacity would soar to close to 6 GW, with a significant emphasis on both solar and wind energy.
Jain affirmed that ENGIE's future endeavors will focus on broadening its renewable energy portfolio, aiming to achieve around 2 GW of solar and wind capacity by 2025. He indicated that the company's investment allocation would hinge on the specific project type and financing requirements.
Discussing ENGIE's strategic roadmap, Jain articulated plans to venture into complex projects integrating wind, solar, and storage components by 2025. However, he clarified that the company would refrain from participating in offshore wind bids due to pricing challenges and wind speed variability concerns.
While ENGIE won't engage in the initial round of auctions for offshore wind projects, Jain hinted at potential future considerations based on business viability.
Underpinning ENGIE's commitment to sustainability, Jain highlighted the company's efforts in water conservation within its solar projects. Specifically, ENGIE has undertaken initiatives such as transitioning from water cleaning of modules to robotic cleaning across five assets spanning five states. This transition is estimated to conserve approximately 60 milliliters of water, showcasing ENGIE's dedication to eco-friendly practices.
ENGIE's substantial investment and strategic focus on renewable energy expansion underscore its pivotal role in shaping India's evolving energy landscape. With a steadfast commitment to sustainability, ENGIE stands poised to contribute significantly to India's renewable energy transition.

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