Engie receives 75MW solar power project in India

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15 April 2016, Nuclear, Solar, Wind

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This is the Group's first project in the State of Uttar Pradesh. Start of construction is scheduled for November 2016.

This project receives financial aid amounting to 7 425 000 rupees/MW or about 0,11 USD/W and will have a price to 4.43 rupees/kWh for 25 years, about 67 USD / MWh.

ENGIE confirms its pioneer role in India and its position as a major player in solar energy in the Indian market, with a total capacity of over 450 MW of solar energy in four states: Rajasthan, Telangana, Pendjab and Uttar Pradesh.

This commitment reflects dynamism in the Indian market sustained by an ambitious development objective of 100 GW of solar power capacity by 2022. As of now, the National Solar Mission has awarded 3,700 MW through tender offers.

The ENGIE Group is also present in India through its energy services and gas infrastructure activities.

In addition, through its subsidiary Solairedirect, ENGIE has been awarded a 23 MW solar power project in Mexico. With a competitive tariff of 48 USD/MWh, this project is the only one awarded in Baja California in conjunction with a highly competitive call for tenders (offers received were 15 times the total number of MWh awarded). The occasion was the first long-term nationwide electricity procurement tender offer, whose purpose is to meet the country's accelerating renewable energy goals for the country's energy mix - 25% in 2018 and 60% by 2050. The Baja California and northwest regions of the country are expected to concentrate about 65% of solar energy production.

In Mexico, ENGIE offers an entire range of energy businesses, including power generation and cogeneration, natural gas distribution and transmission and providing energy services to businesses, industry, and individuals.

With this new project in Mexico, ENGIE is continuing its solar power developments in Latin America. Through its subsidiary companies the Group already operates two solar power installations in Chile and builds a third one for a total of 55,3 MW. He is also present in Panama (21 MW). These successes follow on the 230 MW bid won in November 2015 jointly by its subsidiaires Tractebel Energia and Solairedirect in Brazil and the 40 MW won by Solairedirect in Peru in March.

The India and Mexico successes perfectly reflect the Group's goal to be world's energy transition leader. Along with its energy services and natural gas value chain activities, the development of renewable energies, and in particular solar power, is one of ENGIE's strategic priorities.

Source: MarketLine

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