The Abraaj Group, a Dubai-based investment firm, has joined forces with French utility firm ENGIE to build a wind power platform in India.
Both the companies have already identified several wind power projects representing over 1GW across major states of India.
The new partnership will tap Abraaj’s expertise in the clean energy sector and ENGIE’s operational experience to meet the Indian government’s aim of increasing its wind power capacity from the current 32GW to 60GW by 2022.
The 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 addressing 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.
“Wind power generation today is approaching grid parity and offers a competitive solution to lower average power pool prices. 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.”