The Asian Infrastructure Investment Bank (AIIB) has announced its commitment of up to INR 7.3 billion (approximately USD 88 million) to support the ENGIE Solar Power Project in Gujarat, India. This initiative is part of a co-financing effort with the Asian Development Bank (ADB), which together will provide up to INR 14.6 billion (about USD 175.9 million) in project finance senior debt in local currency.
The funding will facilitate the development, construction, operation, and maintenance of a 400MW solar photovoltaic (PV) plant in Surendranagar, Gujarat. This project is in line with ENGIE’s strategic plan to invest EUR 22-25 billion between 2023 and 2025 in renewable and low-carbon energy solutions, and it will contribute to diversifying the company’s long-term funding sources.
Rajat Misra, AIIB’s Acting Vice President for Investment Clients Region 1, emphasized the Bank’s commitment to supporting green transitions. “This project aligns with AIIB’s Energy Sector Strategy and our mission of Financing Infrastructure for Tomorrow,” Misra said. “It will enhance renewable energy infrastructure and help reduce the carbon intensity of energy supply in our member countries.”
Amit Jain, CEO and Country Manager of ENGIE India, highlighted the significance of the project for India’s clean energy future. “This 400MW solar project in Gujarat is a landmark in India’s energy transition,” Jain stated. “It not only advances our green power goals but also fosters local job creation, reinforcing our commitment to India’s non-fossil fuel future.”
India, a founding member and the largest borrower of AIIB, continues to benefit from the Bank’s investments. As of August 14, AIIB has approved 48 projects in India, totaling USD 10.45 billion, supporting the country’s goal of achieving 500GW of non-fossil fuel generation capacity by 2030.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
