ENGIE begins Construction of a 400 MW Solar PV project in Gujarat
Wednesday, 29 November 2023, 17:04 IST
ENGIE, a leading provider of 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 process. The project is estimated to cost around $200 million. By securing a 25-year Power Purchase Agreement (PPA) signed with GUVNL, ENGIE has been designated as a preferred bidder. The project is estimated to generate 907 gigawatt-hours of electricity, while avoiding carbon emissions of 774,112 tons annually. Once commissioned, this project will increase ENGIE's total renewable portfolio in India to 1.5 GW, with 18 projects spread across 7 states.
In Gujarat, ENGIE is all set to begin its third renewable energy project, following the successful 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 currently in the construction phase, with the Final Investment Decision (FID) already taken. It is expected to be operational by the second quarter of 2024. This FID decision is a significant milestone for ENGIE as it highlights the potential of our renewable energy portfolio to accelerate development and achieve our global goal of adding 4 GW of capacity per year by 2025, which would take our global installed capacity to 50 GW. The FID decision is an important step in the development of any project, marking the point at which a project sponsor or investor decides to commit funds to a particular project. It is the final stage of project development before construction or implementation begins.
Speaking on the achievement, Amit Jain, Managing Director, ENGIE India, remarked, "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".
ENGIE has announced plans to expand its energy storage capabilities and provide innovative energy solutions to its customers in India. The company is committed to taking a leading role in India's energy transition by collaborating with local partners and stakeholders to develop sustainable energy solutions. ENGIE is also working closely with the government, policymakers, and regulators to create a favorable environment for the growth of renewable energy in India.
In Gujarat, ENGIE is all set to begin its third renewable energy project, following the successful 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 currently in the construction phase, with the Final Investment Decision (FID) already taken. It is expected to be operational by the second quarter of 2024. This FID decision is a significant milestone for ENGIE as it highlights the potential of our renewable energy portfolio to accelerate development and achieve our global goal of adding 4 GW of capacity per year by 2025, which would take our global installed capacity to 50 GW. The FID decision is an important step in the development of any project, marking the point at which a project sponsor or investor decides to commit funds to a particular project. It is the final stage of project development before construction or implementation begins.
Speaking on the achievement, Amit Jain, Managing Director, ENGIE India, remarked, "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".
ENGIE has announced plans to expand its energy storage capabilities and provide innovative energy solutions to its customers in India. The company is committed to taking a leading role in India's energy transition by collaborating with local partners and stakeholders to develop sustainable energy solutions. ENGIE is also working closely with the government, policymakers, and regulators to create a favorable environment for the growth of renewable energy in India.
