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Engie looks to expand India presence with renewable and battery development

By Reuters News

PARIS, Oct 29 (Reuters) - French utility Engie ENGIE.PA views India as a key investment location for renewables and battery storage following market reforms there, its country manager Amit Jain said on Thursday.

  • Engie is well positioned to grow in India following changes in the market there, including the opening of a power exchange and the authorisation of hedging instead of just physical delivery

  • "With the market changing now, there's a place for Engie to really scale up and that's what we're planning as we go in the future," Jain said in a media call

  • Engie just finished developing 450 megawatts of solar capacity in India, split across two projects

  • The company currently has 2 gigawatts of solar capacity in operation or under development in India, and plans to expand that capacity to 7 GW by 2030

  • India plans to develop 500 GW of non-fossil fuel capacity by 2030 and is seeking $220 billion in clean energy investment over the next three years

  • "There is a lot of growth that is happening, a lot of opportunity. Land is not a constraint... at the moment," Jain said

  • India has run into issues in recent years with mass development of renewable supply constrained by transmission infrastructure leading to power curtailments

  • Jain said curtailment comes from a mismatch between the development times of renewable energy and transmission infrastructure, but expects it to be a short-term issue

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