The Asian Development Bank (ADB) has arranged a Rs 1,460 crore loan for ENGIE group to build a 400-megawatt solar power plant in Surendranagar, Gujarat. ADB and the Asian Infrastructure Investment Bank will each provide Rs 7.3 billion, totaling Rs 14.6 billion (about USD 175.9 million).
Supporting India’s Clean Energy Goals
This project helps India reach its goal of 500 gigawatts of non-fossil fuel energy by 2030. “The private sector’s role in fighting climate change is crucial for a clean energy transition in Asia and the Pacific,” said ADB’s Suzanne Gaboury.
Promoting Local Manufacturing
The solar panels will use locally made bifacial photovoltaic power modules. This will support Indian manufacturers and diversify the solar supply chain.
Long-Term Financing
This is the second project ADB has financed for ENGIE in India, showing their commitment to providing long-term financing for renewable energy projects.
