ENGIE Gets Financial Closure For 200 MW Khavda Solar Project

Engie Gets Financial Closure For 200 MW Khavda Solar Project

By Chitrika Grover/ Updated On Wed, May 28th, 2025

ENGIE India Targets 7 GW utility Scale Portfolio by 2030: Amit Jain

French energy company ENGIE has achieved financial closure for its upcoming 200 MW solar project in Khavda, Gujarat, in partnership with MUFG Bank Ltd. and Crédit Agricole CIB. The project is being developed through ENGIE’s subsidiary, Enren-II Energy Private Limited. It is expected to generate approximately 550 GWh of electricity annually and avoid over 1,650 tonnes of CO₂ emissions each year.

“This achievement reflects Engie’s focus on disciplined execution and long-term partnership. We remain committed to driving large-scale, clean energy solution that supports India’s sustainable growth,” said Amit Jain, Managing Director, of India and South East Asia, and COO of Renewables AMEA at ENGIE.

In 2024, ENGIE signed a power purchase agreement (PPA) for the 200 MW solar photovoltaic (PV) project as part of a larger 1,125 MW solar tender by Gujarat Urja Vikas Nigam Ltd (GUVNL). The projects are being set up at the Gujarat State Electricity Corporation’s Renewable Energy Park in Khavda. ENGIE won its allocation at a tariff of ₹2.62 per unit in the auction held on February 2, 2024. The Khavda project will be ENGIE’s fourth solar development in Gujarat.

Expansion in India

As part of its strategy to deepen its footprint in India, ENGIE has recently established a new branch office in the country focused on supply and energy management activities. The expansion is expected to support the company’s operations and reinforce its role as a long-term partner in India’s energy transition.

ENGIE has been present in India for over 30 years, with a decade of experience in the renewable energy sector and a regional base in Pune. Its current solar and wind portfolio in the country totals 2.3 GW. The company aims to scale its renewable energy capacity in India to 7 GW by 2030.