French electric utility ENGIE has partnered with Abraaj Group to develop a wind platform in India.
To fulfil the Government of India's goal of generating 60GW of windpower by 2022, the country is expected to nearly double its current installed capacity of 32GW over the next five years.
In addition, India is estimated to see a 9% increase in year-on-year power consumption until 2020. The new partnership will utilise Abraaj’s expertise in the clean energy sector and ENGIE’s operational experience to address this growing demand.
Both companies have already identified a strong pipeline of windpower projects representing more than 1GW capacity in major Indian states.
Abraaj Group partner Saad Zaman said: “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 address the sustainable development goals, our partnership with ENGIE marks Abraaj’s second investment in the clean energy sector in India. Buoyed by a strong regulatory framework, the renewables sector is a significant long-term, sustainable investment opportunity for Abraaj.
“Windpower generation today is approaching grid parity and offers a competitive solution to lower average power pool prices.”
Based in Dubai, UAE, Abraaj Group has invested more than $1bn in ten energy projects worldwide.