ADB funds Engie's 400-MW Indian solar project

• ADB supports Engie's solar power plant in Gujarat, India, aiding India's clean energy goals with long-term local currency financing. Another step towards a sustainable future.

The Asian Development Bank (ADB) has provided French utility Engie SA with a long-term local currency loan of INR 14.6 billion (USD 174.8 million) for the construction and operation of a 400-MW solar power plant in Gujarat, India. The project, named Raghanesda, is expected to generate 805 GWh annually over the next 25 years and will support India's goal of achieving at least 500 GW of non-fossil fuel energy capacity by 2030.

Engie launched construction of the solar project in November 2023, with the state-owned Gujarat Urja Vikas Nigam Limited as the sole offtaker. The solar panels will use locally produced bifacial photovoltaic power modules, supporting India-based manufacturers. ADB director general Suzanne Gaboury highlighted the importance of the private sector's involvement in combating climate change and praised the project as an example of ADB's support for renewable energy projects in Asia and the Pacific through long-term local currency financing.

This is the second project that ADB has financed for Engie in India, adding to the French company's 1.1-GW operational portfolio in the country, which includes both wind and solar projects. The loan from ADB and the Asian Infrastructure Investment Bank will help Engie expand its renewable energy footprint in India and contribute to the country's clean energy transition.

How will ADB's loan support Engie's solar project in Gujarat, India?

• The ADB's loan will provide Engie SA with INR 14.6 billion (USD 174.8 million) in local currency for the construction and operation of a 400-MW solar power plant in Gujarat, India.
  
• The project, named Raghanesda, is expected to generate 805 GWh annually over the next 25 years, supporting India's goal of achieving at least 500 GW of non-fossil fuel energy capacity by 2030.
  
• Engie launched construction of the solar project in November 2023, with Gujarat Urja Vikas Nigam Limited as the sole offtaker.
  
• The solar panels will use locally produced bifacial photovoltaic power modules, supporting India-based manufacturers.
  
• ADB's director general Suzanne Gaboury highlighted the importance of the private sector's involvement in combating climate change and praised the project as an example of ADB's support for renewable energy projects in Asia and the Pacific through long-term local currency financing.
  
• This is the second project that ADB has financed for Engie in India, adding to the French company's 1.1-GW operational portfolio in the country, which includes both wind and solar projects.
• The loan from ADB and the Asian Infrastructure Investment Bank will help Engie expand its renewable energy footprint in India and contribute to the country's clean energy transition.