ABRAAJ GROUP AND ENGIE TO DEVELOP WIND POWER IN INDIA
The Abraaj Group, a leading investor operating in growth markets, and Engie, a leading multinational utility company and the largest global independent power producer, announced a partnership to build a wind platform in India. Together, Abraaj and Engie have identified a robust pipeline of wind power projects representing over 1 GW in several key states. By leveraging Abraaj’s clean energy sector expertise and Engie’s operational experience, the partnership will address a large and growing demand for clean energy from the Indian Government as well as businesses in India.
The Indian renewable energy sector continues to grow rapidly, underpinned by an increasing demand for power. Power consumption in India is expected to grow at 9% year-on-year until 2020. The Indian government’s target of 60 GW of wind power capacity by 2022 will require a near doubling of the current installed capacity of 32 GW over the next five years.
The Abraaj Group is a leading investor, purpose-built for operating in the growth markets of Africa, Asia, Latin America, the Middle East, and Turkey. Employing over 300 people, Abraaj has over 17 offices spread across five regions with hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore. The Group currently manages c. US$ 11 billion across targeted investment strategies. (Source: Engie – Image: Muppandal wind farm / Windergy)