French utility giant Engie said on Wednesday it has partnered with Dubai-based Abraaj Group to build more than 1,000 MW of wind power projects in India. According to industry estimates, this would require investment of around Rs 6,000 crore. This would be Abraaj’s second investment in the clean energy sector in India. In 2015, Abraaj had partnered with the Aditya Birla Group to build a 1 GW solar energy platform. It also has a majority stake in a 50 MW wind power project in Pakistan. It has invested over $1 billion in 10 projects globally. Engie currently has about 800 MW of solar projects in various stages of developments across India. The group is the largest independent electricity producer in the world with 112.7 GW of installed capacity, of which 20% is from renewables. To achieve the target of 60,000 MW of wind energy by 2022, the country needs to add more than 6,000 MW of wind generation capacity annually on an average. Currently, the wind capacity in the country is about 32,500 MW.
Sev Vettivetpillai, managing partner at the Abraaj Group, said the company expects that demand for power across the country will continue to rise. The joint press statement said power consumption in India is expected to grow at 9% year-on-year until 2020. The Central Electricity Authority recently said electricity consumption (demand) in the country will grow at 7.1% (CAGR) between FY17 and FY22 and then slow to 6% in the subsequent five years. Demand for electricity had grown at a much lower pace than projected by the CEA in the last five years primarily because of tepid industrial production growth.