The Asian Development Bank (ADB) and the ENGIE group have signed a long-term loan of up to INR4.66 billion (about $63.4 million) to construct and operate a 200 megawatt alternating current solar photovoltaic-based power plant at Raghanesda Solar Park in India’s western state of Gujarat.
Engie is collaborating with the Government of Gujarat to construct the project and has signed a power purchase agreement for 25 years with the state government.
Electro Solaire Private Limited (ESPL), a special purpose vehicle owned by Engie, is expected to commission the solar power plant in the first half of 2021. Once commissioned, the power plant is expected to generate about 440 gigawatt-hours of electricity annually. This will help avoid nearly 385,000 tons of carbon dioxide emissions a year, which would otherwise have been generated by conventional fossil fuel plants.
