Engie Group and the Asian Development Bank (ADB) have firmed a long-term loan agreement for the construction and operation of a photovoltaic (PV) power plant in India. The 400MW project will be installed in the state of Gujarat.
ADB was the loan's mandated lead arranger. Amounting to US$176m, the loan received US$87 from both the ADB and the Asian Infrastructure Investment Bank.
Once operational in the district of Surendranagar, the solar park is designed to generate 805GWh every year for the next 25 years. Gujarat Urja Vikas Nigam, the state-owned electricity distribution company, is the project's only off-taker.
For more information on renewables projects in India, please visit EICDataStream.