• Significant Investment: AIIB commits INR7.3 billion (USD88 million) to ENGIE’s 400MW solar project in Gujarat, supporting India’s renewable energy goals.
• Collaborative Financing: Co-financed by AIIB and ADB, the project receives a total of INR14.6 billion (USD175.9 million) in senior debt financing.
• Strategic Alignment: The project aligns with India’s 2030 renewable energy targets and ENGIE’s commitment to low-carbon solutions.

The Asian Infrastructure Investment Bank (AIIB) has committed up to INR7.3 billion (approximately USD88 million) to the ENGIE Solar Power Project, a pivotal initiative in India’s renewable energy expansion. This investment is part of a larger co-financing effort with the Asian Development Bank (ADB) to develop, construct, operate, and maintain a 400MW solar PV plant in Surendranagar, Gujarat.

The joint financing from AIIB and ADB amounts to INR14.6 billion (about USD175.9 million) in local currency, provided as a senior debt facility. This funding is crucial for ENGIE as it continues to push forward its strategic plan to invest EUR22-25 billion in renewable and low-carbon energy solutions between 2023 and 2025.

“AIIB is committed to supporting our Members’ green transition and development,” said Rajat Misra, AIIB Acting Vice President for Investment Clients Region 1 and Financial Institutions and Funds, Global. “This project fully aligns with AIIB’s Energy Sector Strategy and mission of Financing Infrastructure for Tomorrow. It will further strengthen the development of renewable energy infrastructure and reduce the carbon intensity of the energy supply in our Members.“

The project is also a significant step in supporting the Government of India’s ambitious energy targets. By 2030, India aims to achieve 500MW of non-fossil fuel generation installed capacity and meet 50% of its energy needs from renewable sources.

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ENGIE India CEO and Country Manager Amit Jain highlighted the project’s broader impact, stating, “In collaboration with ADB and AIIB, we’re bringing a landmark 400MW solar project to Surendranagar, Gujarat, marking a significant stride in India’s clean energy journey. This venture not only aligns with our green power goals but also catalyzes local job creation, reinforcing our pledge to India’s non-fossil fuel future.“

India, as a Founding Member of AIIB and its largest borrower, continues to benefit from such strategic investments. As of August 14, AIIB has approved 48 projects in India, totaling USD10.45 billion, underscoring the country’s crucial role in the global transition to clean energy.