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.
1Total capacity built, under construction or attributed.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 152,900 people worldwide and achieved revenues of €74.7 billion in 2014. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).
Solairedirect is a leader in the generation of competitive solar power and is present in four continents. Founded in 2006 with the aim of making solar power more competitive than other energy sources, Solairedirect’s objective is to create added value along the entire production chain, from development, construction and services to solar power installation investments.