ENGIE agrees joint venture for wind power in India
French multinational energy company ENGIE has partnered with French infrastructure and power equity investor, STOA, to set up a platform for wind projects in India.
The project, set up by a 50:50 joint venture between the two businesses, will involve both onshore and offshore wind and will have a total capacity of 2GW within the next five years.
This deal follows on from wind projects already secured by ENGIE in the country worth a total of 280MW: two projects in Tamil Nadu and one in Guiarat.
Malcolm Wrigley, Country Manager of ENGIE India, said: “Our aim is to respond to the major challenges of the energy transition, in particular in fast-growing countries like India.”
Matthew Saville, Managing Director of STOA, added: “The Indian renewables sector has seen strong growth, and demand for power across the country will continue to increase.
“Wind power generation today offers a competitive solution to lower average power pool prices. We are delighted to be working with ENGIE to deliver clean and affordable power to the country.”