To support the development, construction, operations and maintenance of a 400 MW solar PV plant in Gujarat, India, Engie will receive Rs 14.6 billion in the form of a project finance senior debt facility in local currency jointly by Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB). Of this, AIIB, will provide Rs 7.3 billion.
This project will help diversify ENGIE’s sources of capital and long-term funding. It will also contribute to reaching 500 GW of renewable energy generation installed capacity in India by 2030.
As of August 2024, AIIB has invested $10.45 billion spread over 48 projects. In January 2024, AIIB had invested Rs 4.86 million in Sustainable Energy Infra Trust (SEIT) in India.
Recently in July 2024, ADB had sanctioned loans worth $240.5 million for financing rooftop solar systems in India. Further, in March 2024, they had authorised a $148 million loan to modernise power distribution in Sikkim.
In November 2023, RenewSys signed a 100 MW solar module supply agreement with Engie India to deliver monocrystalline bifacial glass-backsheet modules for GUVNL 2 project of Engie India.
