Huge Investment in Solar Energy by Engie

Team Chemical Market

03 Apr 2024

French energy giant Engie has announced plans to invest Rs 7,000 Crores by 2025 in the installation of 2 GW (2000 MW) of solar power. These projects are slated for installation in the states of Gujarat and Rajasthan. With favorable government policies promoting renewable energy, the solar sector's return on investment (ROI) appears promising.

Engie operates within various sectors including renewable energy, energy solutions, flexible generation, and infrastructure. While specific project details are yet to be disclosed, given Engie's extensive experience across its business domains, we anticipate the development of optimal solutions to address the requirements of the electrical grid.

Recently, Engie successfully launched the largest battery energy storage system in Latin America. Pictured above, this project utilizes lithium batteries with a total storage capacity of 638 MWh. Energy generated from solar modules can be stored in these batteries and injected into the electrical grid during peak periods. Such systems play a crucial role in reducing CO2 emissions, as they alleviate the need to rely on coal-burning thermal power plants to meet peak power demands.

Engie's long-term strategy includes servicing the renewables segment, with plans to eventually integrate wind, solar, and storage components. With an annual turnover of 82.6 billion euros, the group is listed on the Paris and Brussels stock exchanges.


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