ENGIE group has signed Rs 14.6 billion loan agreement with the Asian Development Bank (ADB) for a 400 MW solar photovoltaic power project in Surendranagar District, Gujarat. ADB served as the lead arranger of the loan, with both ADB and the Asian Infrastructure Investment Bank contributing Rs 27.3 billion each. This marks ADB’s second financing of an ENGIE project in India, following its support for the group’s primary project in 2020.
Enren Energy, a subsidiary of the ENGIE group dedicated to this project, will oversee the implementation of the 400 MW project, with Gujarat Urja Vikas Nigam serving as the exclusive off-taker. The project will utilise locally manufactured bifacial photovoltaic panels for the solar panels. It is anticipated to produce an average of 805 GWh of solar electricity per year over the next 25 years, resulting in the avoidance of approximately 662,441 tons of carbon dioxide emissions per year.
