ADB, ENGIE to build 400MW solar plant in India

This will be funded by a $175.9m loan.

The Asian Development Bank (ADB) and the ENGIE group have signed a long-term local currency loan for the construction and operation of a 400-megawatt solar photovoltaic power plant in Surendranagar District, Gujarat, India.

In a statement, the financial institution said it was mandated as the lead arranger for the entire $175.9m loan, which will be equally funded by the ADB and Asian Infrastructure Investment Bank.

The solar panels will be constructed using locally produced bifacial photovoltaic power modules. The facility is seen to generate an average of 805 gigawatt-hours annually over the next 25 years, eliminating nearly 662,441 tons of carbon dioxide emissions per year.

ENGIE’s Enren Energy Private Limited will implement the project, whilst state-owned electricity distribution company Gujarat Urja Vikas Nigam Limited will be the sole offtaker.

ADB said the solar power plant will support India’s target of achieving at least 500 gigawatts of non-fossil fuel energy capacity by 2030.

This is the second project that ADB has financed for ENGIE in India following the group’s flagship project in India in 2020.

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