Power giant Engie likely to invest Rs. 6,500 crore in solar energy in India
New Delhi [India], June 1 (ANI): French power giant Engie has announced its plans to invest a minimum of USD one billion (about Rs. 6,500 crore) in the solar segment in India over the next five years.
With a global installed capacity of 115.3 gigawatts across all forms of energy, the power giant intends to invest a bare minimum of USD one billion in the country.
"We intend to win 400 MW a year, which means an investment of almost half a billion annually. It is a highly capital-intensive business," said chief executive, Isabelle Kocher in a statement.
However, Malcolm Wrigley, Engie's India CEO said, "If we find projects we are comfortable with, then for sure the money is available."
Earlier in March, Engie, through its subsidiary SolaireDirect, won a 250 MW solar project in an NTPC-conducted auction at the Kadapa Solar Park in Andhra Pradesh, bidding a tariff of Rs. 3.15 per kwH.
In January 2016, it had won 140 MW at another NTPC auction at the Bhadla Solar Park, Rajasthan.
"When these are completed, our investment in India's renewable energy will be in the range of USD 50 million," added Wrigley.
The company currently has around 200 MW of solar projects commissioned and operating in India. (ANI)