French energy firm Engie SA and Dubai’s private equity firm Abraaj Group on Wednesday announced a partnership to build a wind power platform in India.
“Together, Abraaj and Engie have identified a robust pipeline of wind power projects representing over 1 GW (gigawatt) in several key states,” the companies said in a joint statement.
Foreign investments are crucial for India’s renewable energy industry as the lower cost of foreign capital and the size of the market has helped bring down tariffs.
“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,” said Sébastien Arbola, chief executive of Engie Middle East, South and Central Asia and Turkey in the note. Read More…