Through its subsidiary Solairedirect, ENGIE has won 140 MW in solar energy projects located at two sites of 70 MW each in India’s State of Rajasthan. Thanks to a very competitive offer (INR 4.35/kWh, or approximately USD64/MWh) that was more than 40% lower than the winning bid for India’s first call for tender four years earlier, Solairedirect took one-third of the National Solar Mission’s call for tenders.
The very competitive bidding among 22 Indian and international contractors illustrates the sharp drop in solar energy prices and achievement of grid parity in India.
Through Solairedirect, ENGIE confirms its pioneering role in solar power in India and reaffirms its objective of building 2 GW of photovoltaic projects in the country between 2015 and 2019. To this end, the Group relies upon an experienced local team based in Pune (Maharashtra), as well as its global network and industrial experience recognized for developing, operating and investing in solar power plants throughout the world. This strategy is in keeping with the Indian government’s objective to develop 100 GW of solar power capacity by 2022, reflecting the country’s desire to accelerate its energy transition by building up solar energy capacities.
With a presence in India through Solairedirect and through energy services and natural gas infrastructure activities, ENGIE thus strengthens its position as a major player in the Indian solar energy market where it has total solar energy capacity of 325.6 MW1 located in three States – Rajasthan, Télangana and Pendjab.
This announcement coincides with the official visit to India of French President François Hollande. For the occasion, Indian Prime Minister Narendra Modi will unveil a plaque inaugurating the site of the future headquarters of International Solar Alliance (ISA) launched during the Paris COP21 climate conference. The event will take place in the presence of François Hollande and Gérard Mestrallet, Chairman and CEO of ENGIE, representing the Terrawatt Initiative. This global non-profit association will work together with ISA and its member states in establishing proper regulatory conditions for a massive deployment of competitive solar generation. To do so, the Terrawatt Initiative calls for 1 terawatt (1,000 gigawatts) of additional solar power capacity by 2030, representing an additional $1 trillion in investments to finance solar power infrastructure.
(1) Total capacity built, under construction or attributed.