French energy company ENGIE, and Dubai’s private equity firm The Abraaj Group, are partnering to build a wind platform in India.
They claim to have identified a robust pipeline of wind power projects representing over 1 GW in several key states.
A statement on The Abraaj Group website stated, “By leveraging Abraaj’s clean energy sector expertise and ENGIE’s operational experience, the partnership will address a large and growing demand for clean energy from the Indian Government as well as businesses in the country.”
The Indian renewable energy sector continues to grow rapidly, underpinned by an increasing demand for power. Power consumption in the country is expected to grow at 9% year-on-year until 2020.
In fiscal 2017, India added 5.5 GW of new wind capacity, exceeding their 4 GW annual target. It also surpassed the previous year's wind capacity addition of 3.4 GW. India is now the fourth largest installer of wind power in the world, after China, the United States and Germany.
Saad Zaman, Partner at The Abraaj Group, stated, “The Indian renewables sector has seen strong growth in recent times and we expect demand for power across the country will continue to increase. In line with our commitment to addressing the Sustainable Development Goals, our partnership with ENGIE marks Abraaj’s second investment in the clean energy sector in India.”
Sébastien Arbola, CEO of ENGIE Middle East, South & Central Asia and Turkey, said, “ENGIE is pleased to partner with Abraaj and to work closely with its teams to share our business practices and skills. Energy demand is growing tremendously in India, and ENGIE is investing in green energy sources as part of supporting the country with its sustainable development plans.”
He added, “Indeed, the Platform is fully in line with our commitment: provide clean and renewable energy for all.”