ENGIE and STOA join forces to develop a wind platform in India
The Joint Venture Agreement was signed by STOA’s CEO, Charles-Henri Malecot, and ENGIE Directors.
12th September, 2018
ENGIE, a leading multinational utility company and the largest global independent power producer, and STOA, a French infrastructure and power equity investor in developing countries, announced today a partnership to build a wind platform in India (the “Platform”), through a Joint-Venture detained 50/50 by the two entities.The Joint Venture Agreement was signed by STOA’s CEO, Charles-Henri Malecot, and ENGIE Directors.
The Platform has a goal of setting up over 2 GW of wind energy capacity over the next 5 years. Scope will be both onshore and offshore wind projects under central and select state tenders. Earlier this year, Engie has won a capacity totaling 280 MW in 3 separate state and central tenders in India. These 3 projects, which are currently in implementation stage (200 + 50 MW in one location in Tamil Nadu state and 30 MW in Gujarat state) will form a part of the Platform.
Commenting on the partnership, Malcolm Wrigley, Country Manager ENGIE India, declared: “ENGIE is pleased to join forces with STOA to reinforce its commitment to harmonious progress. Our aim is to respond to the major challenges of the energy transition, in particular in fast-growing countries like India”.
Matthew Saville, STOA’s Managing Director, added: “The Indian renewables sector has seen strong growth and demand for power across the country will continue to increase. Wind power generation today offers a competitive solution to lower average power pool prices. We are delighted to be working with ENGIE to deliver clean and affordable power to the country”.
The ENGIE Group is the largest independent electricity producer in the world with 115.3 GW of installed capacity, of which 22% is from renewables. The development of wind power projects is one of ENGIE’s priorities. It is now the largest wind power producer in France and Belgium and an international leader with 4,553 MW installed throughout the world.
Present for over two decades in India, ENGIE has an installed capacity of 810 MWp in solar. It employs around 1,000 people in power generation as well as in engineering and energy services.
Founded in 2017, the STOA 600M€ investment fund leverages the strengths and extensive experience of its two shareholders. The Caisse des Dépôts brings a long and proven investment track record and the French Development Agency in depth knowledge of STOA’s targeted markets.
STOA’s goal is to support the sustainable development of emerging countries by investing in projects which improve the livelihood of local populations and economic growth. To achieve this, STOA provides long-term investment to greatly needed infrastructure for people in Africa, Latin- America and South-East Asia.
Backed by stable and sustainable shareholders, STOA’s agile and proactive team of 15 emerging market infrastructure and energy specialists from different nationalities is well positioned to become a long-term and trusted partner for all infrastructure project stakeholders.
We are a global energy and services group, focused on three core activities: low-carbon power generation, mainly based on natural gas and renewable energy, global networks and customer solutions. Driven by our ambition to contribute to a harmonious progress, we take up major global challenges such as the fight against global warming, access to energy to all, or mobility, and offer our residential customers, businesses and communities energy production solutions and services that reconcile individual and collective interests. Our integrated - low-carbon, high-performing and sustainable - offers are based on digital technologies. Beyond energy, they facilitate the development of new uses and promote new ways of living and working. Our ambition is conveyed by each of our 150,000 employees in 70 countries. Together with our customers and partners, they form a community of imaginative builders who invent and build today solutions for tomorrow.2017 turnover: 65 billion Euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial (CAC 40, BEL 20, Euro STOXX 50, STOXX Europe 600, MSCI Europe, Euronext 100, FTSE Eurotop 100, Euro STOXX Utilities, STOXX Europe 600 Utilities) and extra-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).
To learn more : www.engie.com
STOA is a joint stock company (société anonyme) with a share capital of EUR 120,000,000, 83.3% owned by Caisse des Dépôts (“CDC”) and 16.7% owned by Agence Française de Développement (“AFD”), the object of which is to invest up to EUR 600,000,000 in equity and quasi equity in developing and emerging countries in the infrastructure and power sectors. STOA benefits from the complementary support and expertise of its two shareholders. Caisse des Dépôts is a public long-term investor serving the general interest and economic development of local areas, AFD is the French Public Development Bank which commits financing to projects in key transition sectors in developing and emerging countries. In the context of their common strategy, these two institutions are fully committed to play a key role in the four material transitions, i.e. the power/environmental, digital, territorial and demographic transitions.
To learn more: www.stoainfraenergy.com