Engie India to invest Rs 3,500 cr for 700-MW renewable energy projects

The chief executive officer and country manager of Engie India, the French energy giant's Indian subsidiary, Amit Jain, stated that the company intends to invest roughly Rs 3,500 crore for its 700-MW renewable energy projects, which are scheduled to be commissioned by 2025. Prioritising its operations, the corporation intends to double by 2025. 

Since 2014, we have been residing in India. We started by purchasing a business known as Solar Direct. Around 300 megawatts (MW) of operational assets made up the portfolio at that point. We built it up gradually. We currently have 17 sites and seven states with 1.1 gigawatt (GW) of operational assets. These resources are mainly solar but also wind-powered. The remaining energy comes from solar power, with our wind capacity ranging from 250 to 300 MW.

In addition to the 1.1 GW of operational capacity, we have recently won two projects with a combined capacity of 700 MW, both of which are now under construction. Construction on the 400 MW project will shortly begin, and we are awaiting the signing of a PPA with NTPC for the remaining 300 MW. The remaining capacity comes from solar power, with a 250 MW wind capacity. Thus, 1.45 GW or so of the 1.8 GW total is solar capacity.

We estimate that we will need to invest about Rs 2,000 crore in capital equipment for 400 MW. It will be between Rs 1,000 crore to Rs 1,500 crore for 300 MW. There are two projects: one in Rajasthan and the other in Gujarat. The 300 MW project will be put into service in the second quarter of 2025, and the 400 MW project is scheduled to be finished in Q2 of 2024.

In contrast, our goal is to progressively transition from solar projects that are just basic to those that include storage, followed by hybrid or dispatchable systems. We are keeping up with the change. By 2025, we want to have doubled our operating capacity.