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Engie ties up with STOA to set up 2 GW wind plants in India

Source Name: 
Financial Express
Source Url: 
https://www.financialexpress.com/industry/engie-ties-up-with-stoa-to-set-up-2-gw-wind-plants-in-india/1311574/

French utility giant Engie said on Wednesday it has partnered with Paris-based infrastructure equity investor STOA to build a 50-50 joint venture platform to set up more than 2,000 MW of wind power projects in India in the next five years. According to industry estimates, this would require investment of more than Rs 12,000 crore as the platform also eyes to build cost intensive offshore wind projects.

Engie has won tenders for three projects with a total capacity of 280 MW through state-level and central government auctions and the projects are underway in Tamil Nadu and Gujarat. These will form a part of the Engie-STOA platform, the company clarified. “The Indian renewables sector has seen strong growth, and demand for power across the country will continue to increase,” Matthew Saville, managing director, STOA, said.

Engie, in September 2017, had also partnered with Dubai-based Abraaj Group to build more than 1,000 MW of wind plants. The company has installed about 810 MW of solar projects in India. The country has set a target of having 60,000 MW of wind energy by 2022. Currently, the wind capacity in the country is about 34,300 MW. In order to increase the interest of renewable energy companies to explore the untapped avenue of power generation from beyond the country’s landmass, the government has announced the target of having 30 GW of offshore wind capacity by 2030. In the short term, the aim is to install 5 GW of such power plants by 2022.

Author: editor_2