AIIB and ADB Extend ₹14.6 Billion Financing for ENGIE’s 400 MW Solar Project in Gujarat

ENGIE Secures INR 14.6 Billion in Financing from AIIB and ADB for 400 MW Solar Project in Gujarat

ENGIE is set to receive INR 14.6 billion in local currency financing to support the development, construction, and operation of a 400 MW solar PV plant in Gujarat, India. The financing comes from a joint project finance senior debt facility provided by the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), with AIIB contributing INR 7.3 billion.

This funding will not only diversify ENGIE’s capital sources but also play a crucial role in helping India achieve its ambitious goal of 500 GW of renewable energy capacity by 2030.

As of August 2024, AIIB has invested USD 10.45 billion across 48 projects. Earlier this year, in January, AIIB invested INR 4.86 million in Sustainable Energy Infra Trust (SEIT) in India.

ADB has also been active in India’s renewable energy sector. In July 2024, they approved USD 240.5 million in loans to finance rooftop solar systems, and in March 2024, they authorized a USD 148 million loan to modernize power distribution in Sikkim.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank founded in 2016 to support infrastructure development and improve economic and social outcomes in Asia. Headquartered in Beijing, AIIB focuses on financing sustainable and environmentally friendly projects across sectors like energy, transportation, and urban development.

About ADB

The Asian Development Bank (ADB) is a multilateral development bank established in 1966 to promote economic and social development in Asia. Headquartered in Manila, ADB provides financial and technical assistance for projects that reduce poverty, enhance infrastructure, and promote sustainable development across the region.