The Mumbai-based investor has concluded acquiring a controlling stake in Engie’s 813 MWp operating solar capacity in India. It will also acquire 2 GW of solar assets to be developed by the French energy major over the next couple of years.
Mumbai investor Edelweiss Group will gain a controlling stake in the generation assets in a deal which Engie says will allow it to reduce its debt by Rs3,160 crore.
The company recently bagged a total capacity of 480 MW in Gujarat, including 200 MW wind and 280 MWp solar. Its 338 MWp solar project at Kadapa Solar Park in Andhra Pradesh has also gone live.
The feasibility study was conducted by France’s Tractebel Engineering SA. The authors of the report concluded that the 1.2 GW solar park is feasible, despite the current radioactive contamination levels in the area.
French President, Emmanuel Macron, and Indian Prime Minister, Narendra Modi both inaugurated Engie’s 75 MW PV plant on March 12, 2018, in Mirzapur, Uttar Pradesh. On the occasion, France-based Engie also announced the status of another two PV, and two wind projects.
To scale up its mini grids business in Asia and Africa, Indian energy startup Husk Power systems has received sizeable financial backing from international investors.
French clean energy developer Engie is reportedly discussing a partnership with Indian roofing manufacturer Everest Industries to develop “solar-ready” rooftop solutions for the under-served distributed generation market.
The Memorandum of Understanding entails joint research and development projects in solar, wind, hydrogen and biomass energy.
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