The Abraaj Group and Engie announced a partnership on Wednesday to build a wind platform in India.
Together, Abraaj and Engie have identified a pipeline of wind power projects representing over 1GW in several states. The partnership will address a large and growing demand for clean energy from the Indian government as well as businesses in the country.
The Indian renewable energy sector continues to grow rapidly, underpinned by an increasing demand for power. Power consumption in the country is expected to grow at nine per cent year-on-year basis until 2020. The Indian government's target of 60GW of wind power capacity by 2022 will require a near doubling of the current installed capacity of 32GW over the next five years.
Saad Zaman, partner at The Abraaj Group, said the Indian renewables sector has seen strong growth in recent times.
"We expect demand for power across the country will continue to increase. There is a real opportunity to enhance renewable energy generation in India and we are delighted to be working with ENGIE to deliver affordable and clean power to the country," he said.
Sebastien Arbola, CEO of Engie Middle East, South and Central Asia and Turkey, said: "Engie is pleased to partner with Abraaj and to work closely with its teams to share its business practices and skills.
"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."
The Abraaj Group has investment experience in the energy sector and has invested over $1 billion across growth markets. In 2015, Abraaj partnered with the Aditya Birla Group to build a 1GW scale solar energy platform in India and in 2017 acquired a majority stake in Jhimpir Power, a 50MW wind power project in the Jhimpir wind corridor in Southeast Pakistan.- firstname.lastname@example.org
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