Abraaj and Engie stated that they have identified a pipeline of wind power projects of more than 1GW across several Indian states.

By combining Abraaj’s clean energy sector expertise and Engie’s operational expertise, the two companies plan to cater to the large and growing demand for clean energy from Indian government and businesses in the country.

Both the companies opine that renewable energy sector in India is growing at a rapid rate and is underpinned by an increasing demand for power. Power consumption is expected to grow at a rate of 9% per annum until 2020.

The Abraaj Group partner Saad Zaman said: “The Indian renewables sector has seen strong growth in recent times and we expect demand for power across the country will continue to increase. In line with our commitment to addressing the Sustainable Development Goals, our partnership with ENGIE marks Abraaj’s second investment in the clean energy sector in India.

“Buoyed by a strong regulatory framework, the renewables sector is a significant long-term, sustainable investment opportunity for Abraaj. Wind power generation today is approaching grid parity and offers a competitive solution to lower average power pool prices."

The Indian government has adopted a target of reaching 60GW of wind power capacity by 2022, from the present installed capacity of 32GW.

In 2015, Abraaj partnered with the Aditya Birla Group to construct a 1GW scale solar energy platform in India.

ENGIE Middle East, South & Central Asia and Turkey CEO Sébastien Arbola said: “ENGIE is pleased to partner with Abraaj and to 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. Indeed, the Platform is fully in line with our commitment: provide clean and renewable energy for all.”

Image: Abraaj Group and Engie partner to develop 1GW wind power projects in India. Photo: Courtesy of Carlos Koblischek/FreeImages.com.