The Abraaj Group, a Dubai-based investment firm has formed a partnership with a French electric utility company Engie to build a wind portfolio of over 1GW capacity across India.
To take their initiative forward, the partners have marked a robust pipeline of wind power projects in some of the key states in India.
The partnership aims to tap a large and increasing demand for clean energy from the Indian Government and also from businesses in the country. The wind platform is expected to implemented by leveraging on the clean energy sector expertise of Abraaj and operational experience of Engie.
ENGIE Middle East, South & Central Asia and Turkey CEO Sébastien Arbola said: “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.”
Engie has been operating in India for more than two decades with activities related to electricity transmission and distribution, gas pipeline as well as city gas distribution sectors.
Abraaj, on the other hand has invested more than $1bn in 10 projects in the energy sector across the world. In India, the company had collaborated with the Aditya Birla Group on a 1GW scale solar energy platform.
The Abraaj Group partner Saad Zaman said: “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.”