Engie, the French power giant with a global installed capacity of 115.3 gigawatts across all forms of energy, expects to invest a minimum of $1 billion (about 6,500 crore) in the solar segment in India over the next five years.
In March this year, Engie, through subsidiary SolaireDirect, won a 250 MW solar project in an NTPC-conducted auction at the Kadapa Solar Park in Andhra Pradesh, bidding a tariff of Rs 3.15 per kwH. In January 2016, it had won 140 MW at another NTPC auction at the Bhadla Solar Park, Rajasthan.
Engie is also an investor in Petronet LNGBSE 0.55 percent , which owns India’s first LNG terminal, and in the Kakinada LNG.
In 2015, Engie decided to get out of conventional energy altogether and has been selling off all such assets worldwide. In India, it sold its majority stake in Meenakshi Energy, which runs coal-fired thermal plants in Andhra Pradesh.
French companies are taking increasing interest in India’s renewable sector, with Engie’s main rival EDF (entirely owned by the French government) also pledging to set up 2,000 MW in India at a cost of $2 billion.
Engie has been present in India for two decades, but mainly carrying out engineering projects and offering consultancy. Engie is looking at both new projects and acquisitions.
By Baishakhi Dutta
