French energy major Engie plans to invest euro 1 billion (around Rs 9,000 crore) in India this fiscal as part of a broader push to grow its renewables portfolio to 7 giga watt (GW) by 2030, Amit Jain, CEO and country Manager, Engie India, has said.
The company will pivot to hybrid and round-the-clock battery storage systems, moving beyond traditional solar and wind projects, the executive said in an interview of Moneycontrol.
"FY26 is focused on our investment in India — around one billion euros, which will support the development of approximately one gigawatt of renewable energy assets. The entire investment will be funded through internal accruals," Jain said.
The French multinational's investment plans comes as India looks to achieve 500 GW of clean power by the end of the decade.
Engie has a portfolio of 2.3 GW in India, including under-construction assets. Its operational capacity stands at around 1.2 GW, spread across 17 sites in seven states. Five additional projects are either under construction or in pre-construction phases.
“By the end of '25, end of this year, we should be in a position that most of our under-construction projects will be commissioned," Jain said.
Moving out of pure-play wind, solar
Engie, which has been in India since 2014, builds, develops and operates large grid-scale solar and wind projects. It has already invested approximately 1 billion euro in the country so far.
The company plans to meet its 7 GW target through a combination of government auctions (via SECI, NTPC, state discoms) and corporate and merchant power purchase agreements (PPAs), with focus on high-energy sectors looking to cut down emissions.
"We’re also working with tech companies, particularly those operating data centres with significant energy needs. If I had to pick the top three sectors we’re engaging with, it would be manufacturing, tech, and oil & gas. The projects from these sectors will contribute toward our planned 7 GW capacity," Jain said.
The company is looking at hybrid projects combining solar, wind and battery storage solutions to offer round-the-clock renewable power to large industrial clients, he added.
It plans to leverage the expertise of its parent, which has a total renewable capacity of 46.1 GW, with facilities spread across Europe, Latin America and North America.
"We have global relationship with a lot of suppliers, global suppliers that we source from various countries. So we will leverage that as well to bring that expertise to India," Jain said.
Expansion into energy management
The company recently launched supply and energy management activities in India through its Global Energy Management & Sales (GEMS) unit. GEMS helps businesses optimise energy supply and consumption to cut costs and meet sustainability goals.
“If you’re generating solar power at, say, 12 o’clock in the afternoon, you either have to consume it or bank it with the discom. But banking regulations vary across states and change frequently, creating uncertainty for both generators and consumers. That’s where GEMS comes in — it takes that risk off the table,” Jain said.
“Globally, whether in the US or Europe, GEMS ensures that if you need 100 units of electricity at noon, we deliver those 100 units. Any surplus we can monetise it by selling it on the exchange to another customer or by banking and selling it later.”
With the expansion in power trading and optimisation, Engie India is also looking to double its workforce, Jain added.
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