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Dubai-based Abraaj Group and ENGIE, a multinational utility company, announced on Wednesday a partnership to build a wind platform in India.
Together, Abraaj and France-based ENGIE said they have identified a robust pipeline of wind power projects representing over 1 GW in several key states.
A statement said 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 9 percent year-on-year until 2020.
The Indian government’s target of 60 GW of wind power capacity by 2022 will require a near doubling of the current installed capacity of 32 GW over the next five years.
Saad Zaman, partner at The Abraaj Group, 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 addressing the Sustainable Development Goals, our partnership with ENGIE marks Abraaj’s second investment in the clean energy sector in India.
“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.”
Sébastien Arbola, CEO of ENGIE Middle East, South & Central Asia and Turkey, added: “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.”
In 2015, Abraaj partnered with the Aditya Birla Group to build a 1 GW scale solar energy platform in India, and in 2017, acquired a majority stake in Jhimpir Power, a 50 MW wind power project in the Jhimpir wind corridor in Southeast Pakistan.
The ENGIE Group is the largest independent electricity producer in the world with 112.7 GW of installed capacity, of which 20% comes from renewables.