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Proparco and the Asian Development Bank strengthen their partnership to support green energy generation in India

Project

Panneaux solaires
CC0 Creative Commons
Signature date
Location
India
Financing tool
Guarantee
Financing amount (Euro)
12000000
Financing details
Guarantee given of USD 14.25m
Customer
ASIAN DEVELOPMENT BANK
Type of customer
Company
Country of headquarters
Philippines
Project number
PIN1091
Environmental and social ranking
B+
Climate co-benefits
Project with climate co-benefits
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

Proparco is participating in the loan extended by the Asian Development Bank (AsDB) to finance a 200 MW solar power plant in northwest India. This project is implemented by ENGIE Group and marks a new key stage in the partnership between Proparco and AsDB. For Proparco, this risk participation is both an innovative operation and a strong commitment to renewable energy development in India.

Client presentation

The Asian Development Bank is a multilateral development bank founded in 1966. It is owned by 68 countries, including 49 in the Asia-Pacific region. It assists its member countries and partners in the Asia-Pacific region via loans, grants, technical assistance and investments in order to promote economic and social development in the Asia and Pacific regions.

Project description

Electro Solaire Private Limited (“ESPL”), a subsidiary of ENGIE Group, is leading a project for a 200 MWc photovoltaic solar power plant in a complex with a total installed capacity of 700 MWc in the north of Gujarat. This project is financed by a loan from the Asian Development Bank, part of which is covered by a risk subparticipation agreement with Proparco.

Project impact

The expected impacts of the ESPL project are as follows:

  • The power plant is expected to supply an additional 440 GWh per year, which will contribute to improving access to electricity for some 130,000 people over the next 5 years;
  • - 410,000 tCO2e should be avoided per year (10 million tCO2e throughout the lifespan of the project);
  • While India is highly dependent on fossil fuels, the project should contribute to improving the country’s energy independence, in a context of sharp growth in electricity demand (electricity demand in India is expected to double by 2040);
  • Over the next 5 years, the project is expected to support some 4,000 direct, indirect and related jobs in India.