Engie targets 400 MW of annual solar wins in India - report
Solar array. Author: U.S. Department of Agriculture .
French utility Engie SA (EPA:ENGI) plans to invest at least USD 1 billion (EUR 894m) in Indian solar power over the next five years by participating in local auctions, The Economic Times reports, citing top officials.
The company hopes to win about 400 MW of local solar projects a year, which would require an annual investment of nearly USD 500 million, CEO Isabelle Kocher was quoted as saying. Engie's India CEO Malcolm Wrigley added that the firm will only target projects it is comfortable with.
Wrigley further noted that Engie is currently focused on solar opportunities, but will be willing to invest in wind projects as well, if more such auctions are launched in the country. Kocher went on to say that the firm is also considering opportunities in green mobility, district heating and cooling, as well as energy efficiency.
The company is not ruling out the possibility of acquiring assets, Wrigley added.