ENGIE and STOA has partnered to build a wind platform in India (the “Platform”), through a Joint-Venture detained 50/50 by the two entities. The Joint Venture Agreement was signed by STOA’s CEO, Charles-Henri Malecot, and ENGIE Directors.
The Platform has a goal of setting up over 2 GW of wind energy capacity over the next 5 years. Scope will be both onshore and offshore wind projects under central and select state tenders.
Earlier this year, Engie has won a capacity totaling 280 MW in 3 separate state and central tenders in India. These 3 projects, which are currently in implementation stage (200 + 50 MW in one location in Tamil Nadu state and 30 MW in Gujarat state) will form a part of the Platform.
Commenting on the partnership, Malcolm Wrigley, Country Manager ENGIE India, declared: “ENGIE is pleased to join forces with STOA to reinforce its commitment to harmonious progress. Our aim is to respond to the major challenges of the energy transition, in particular in fast-growing countries like India”.
Matthew Saville, STOA’s Managing Director, added: “The Indian renewables sector has seen strong growth and demand for power across the country will continue to increase. Wind power generation today offers a competitive solution to lower average power pool prices. We are delighted to be working with ENGIE to deliver clean and affordable power to the country”.
The ENGIE Group is the largest independent electricity producer in the world with 101.8 GW of installed capacity, of which 24% is from renewables. The development of wind power projects is one of ENGIE’s priorities. It is now the largest wind power producer in France and Belgium and an international leader with 4,899 MW installed throughout the world.
Present for over two decades in India, ENGIE has an installed capacity of 810 MWp in solar. It employs around 1,000 people in power generation as well as in engineering and energy services.
Founded in 2017, the STOA 600M€ investment fund leverages the strengths and extensive experience of its two shareholders. The Caisse des Dépôts brings a long and proven investment track record and the French Development Agency in depth knowledge of STOA’s targeted markets.
STOA’s goal is to support the sustainable development of emerging countries by investing in projects which improve the livelihood of local populations and economic growth. To achieve this, STOA provides long-term investment to greatly needed infrastructure for people in Africa, Latin-America and South-East Asia.
Backed by stable and sustainable shareholders, STOA’s agile and proactive team of 15 emerging market infrastructure and energy specialists from different nationalities is well positioned to become a long-term and trusted partner for all infrastructure project stakeholders.