Engie secures funding for 200 MW solar project under GUVNL Phase XXIII

Engie has achieved financial closure for its 200 MW solar photovoltaic (PV) project in Khavda, Gujarat, under the Phase XXIII tender by Gujarat Urja Vikas Nigam Limited (GUVNL).

The company signed a loan agreement with MUFG Bank and Crédit Agricole S.A. to fund the project. The grid-connected project will be developed by Enren-II Energy Private Limited, a special purpose vehicle (SPV) of Engie.

In March 2024, Engie won the 200 MW capacity at a tariff of Rs 2.62 per kWh. The project will be developed on a build, own, and operate (BOO) basis at the Khavda Solar Park (GSECL Stage 3), located in Khavda village, Bhuj taluka, Kutch district.

GUVNL had issued the tender in January 2024 for procurement of 1,125 MW solar power under its Phase XXIII scheme.