ENGIE and the Abraaj Group, an investor operating in growth markets in Africa, Asia, Latin America and the Middle East, have announced a new partnership to build a slew of wind farms across India.
Together, Abraaj and ENGIE have identified a pipeline of wind projects representing over 1 GW in several key states. By leveraging Abraaj’s clean energy sector expertise and ENGIE’s operational experience, the partnership will address a large and growing demand for clean energy from the Indian government, as well as businesses in India, the partners say.
The Indian renewable energy sector continues to grow rapidly, underpinned by an increasing demand for power, according to the companies. Specifically, power consumption in India is expected to grow at 9% year-on-year until 2020. The Indian government’s target of 60 GW of wind power capacity by 2022 will require a near doubling of the current installed capacity of 32 GW over the next five years, the partners add.
“Wind power generation today is approaching grid parity and offers a competitive solution to lower average power pool prices,” comments Saad Zaman, partner at the Abraaj Group. “There is a real opportunity to enhance renewable energy generation in India, and we are delighted to be working with ENGIE to deliver affordable and clean power to the country.”
Sébastien Arbola, CEO of ENGIE Middle East, South & Central Asia and Turkey, adds, “ENGIE is pleased to partner with Abraaj and work closely with its teams to share our business practices and skills. Energy demand is growing tremendously in India, and ENGIE is investing in green energy sources as part of supporting the country with its sustainable development plans.”
