Energy solutions provider ENGIE India has announced that it has achieved financial closure for its upcoming 200 MW solar power project in Khavda, Gujarat. The project is implemented through its wholly owned subsidiary, Enren-II Energy.

Financial support for the project has been secured in partnership with two leading international banks, MUFG Bank and Credit Agricole Corporate and Investment Bank (CIB).

The project is expected to generate approximately 550 GWh of electricity annually. ENGIE said its project in Khavda will contribute to strengthening the country’s renewable power infrastructure, particularly in the western state of Gujarat, which has become a major hub for large-scale solar developments due to its high solar irradiance and supportive policy environment.

ENGIE India has a renewable energy capacity of 2.3 GW, with 1.1 GW in operation in seven states and 1.25 GW under construction. The company plans to develop 7 GW of renewable energy capacity in India by 2030.

The company has eight solar projects in Rajasthan with a total capacity of 825 MW and four solar and wind projects in Gujarat with a total capacity of 830 GW.

In July 2024, ENGIE signed a loan agreement with the Asian Development Bank for a 400 MW solar photovoltaic power project in Surendranagar District, Gujarat. Enren Energy, a special-purpose vehicle of the ENGIE group, will implement the project, and Gujarat Urja Vikas Nigam will be the sole offtaker.

In November 2024, ENGIE developed a 22 MW solar photovoltaic project for Saudi Arabia’s Al Jouf Cement Company near Turaif in the country’s Northern Borders Province.

In March 2024, ENGIE was declared one of the winners in the Solar Energy Corporation of India’s auction to set up 1,500 MW interstate transmission system-connected solar power projects in India under Tranche XIV, with the lowest quoted tariff of ₹2.57 (~$0.0310)/kWh to win 100 MW.