Powering ENGIE’s renewable energy development in India with a 200MW solar project in Gujarat

In line with its focus on the Indian renewable sector, Crédit Agricole CIB has been entrusted by French multinational electric utility company ENGIE in its mission to help propel the country’s energy transition agenda.  

The Bank supported ENGIE in obtaining an INR-denominated project financing debt for its greenfield 200-megawatt (MW) solar photovoltaic farm in India.

The project is located in Gujarat State within the Khavda Solar Park constructed by the Gujarat State Electricity Corporation Limited. This is a major milestone in ENGIE’s ambition to continuously grow its renewable energy pipeline in the country in the coming years. This project is expected to generate approximately 550 gigawatt-hour (GWh) annually and will avoid approximately 1,650 tonnes of CO₂ emissions each year, by powering hundreds of thousands of homes and businesses with clean energy.

As a global leader in low-carbon energy, ENGIE has 52.7GW of installed renewable energy production and storage capacities worldwide. The company has also been a leader in advancing India’s renewable energy goals and delivering reliable sustainable power to the grid. In India, ENGIE is active in seven states and has built a portfolio of more than 2.3GW including both solar and wind projects, and it aims to expand its renewable portfolio to 7GW by 2030, aligning with Net Zero Carbon target by 2045.

Crédit Agricole CIB is pleased to mark the first project finance transaction with ENGIE in India. The Bank acted as Green Loan Coordinator, Mandated Lead Arranger and Lender in this project, demonstrating ability to provide tailored project finance solutions across multiple products, including letter of credit issuance and discounting, and drive real-world impact.