ENGIE India Targets 7 GW utility Scale Portfolio by 2030

In this interview with SaurEnergy, Amit Jain, Managing Director India & South East Asia for ENGIE, the French Multinational Power giant. ENGIE India has been present in the country for a decade now, and looking to play a key role in the country’s transition to a greener grid. The company stands out for its focus on utility scale projects, and the target of 7 GW by 2030 seems well within reach, considering its experience in the country. 

What’s the current status of ENGIE in India in terms of portfolio size, project pipeline for 2024-25 and beyond?

Amit Jain: ENGIE is set for strong growth in the coming years. We have an operational capacity of 1.1 GW and 1.25 GW of projects under construction. For 2024-25, the company’s project pipeline includes key developments like a 400 MW solar plant in Gujarat, along with more than 850 MW of projects at different stages of construction . By 2030, we aim to achieve over 7 GW of renewable energy capacity in India.

How do you see the market for renewable energy evolving to 2030, when we compare it to the period before 2024?

Amit Jain: By 2030, the renewable energy market will see substantial growth, driven by robust policy support, technological advancements, and strong investments. Governments worldwide, including India’s commitment to 500 GW of non-fossil fuel capacity by 2030, are pushing the sector forward. Technological improvements in solar, wind, energy storage, and smart grids are enhancing efficiency and reducing costs. In India alone, there is an expected investment of ₹30 lakh crore (₹3trillion) in renewable capacity by 2030.

Renewables are expected to dominate the energy mix by 2030, becoming even more cost-competitive and central to meeting global climate goals. This transition from pre-2024 trends is accelerated by the global push to reduce carbon emissions and the rising economic viability of renewable energy. COP 29 also highlighted the importance of climate finance, with developed nations agreeing to channel at least $300 billion annually into developing countries by 2035 to support their climate transition and adaptation goals.

Could you explain how developers hedge against the risk of volatility for critical equipment like modules, inverters, or structures? What are the lead times you are facing for equipment supply today?

Amit Jain: Developers employ several strategies to hedge against equipment price and availability volatility, like diversifying supply sources, developers can stabilize costs and reduce the financial impact of market fluctuations. Additionally, sourcing from multiple suppliers minimizes dependency on a single source, enhancing supply chain resilience.

Has finding the right skill set among workers and employees become a challenge with the current high growth, or is it a manageable issue?

Amit Jain: At ENGIE, the rapid expansion of renewable energy presents a significant opportunity to foster workforce development and bridge critical skill gaps. Recognizing this, in India we have trained over 600 graduates as Solar Module Technicians, equipping them with the technical expertise needed to support high-quality and efficient operations in the renewable energy sector. This initiative reflects our commitment to proactively addressing the industry’s evolving demands while empowering the next generation of green energy professionals.

In addition to upskilling new talent, we are collaborating with educational institutions and industry partners to build a robust talent pipeline. By aligning academic curricula with industry needs and offering hands-on training, ENGIE ensures its workforce is future-ready. Our efforts extend beyond new talent development to include the upskilling of existing employees, enabling them to adapt to technological advancements and maintain operational excellence.

Solar is a category where we have repeatedly seen targets being exceeded. Do you think India should pursue more ambitious targets?

Amit Jain: We believe India’s success in the solar sector presents a strong case for even more ambitious targets. India has already exceeded its initial solar goals, with capacity growing from 2.8 GW in 2014 to over 94 GW by 2024. As technology continues to improve, costs decrease, and investments rise, India is well-positioned to aim higher.

More aggressive solar targets would accelerate India’s transition to clean energy, stimulate economic growth, create jobs, and enhance energy security. ENGIE is committed to supporting India’s renewable ambitions and contributing to this exciting journey.

How do you see the role of energy storage going forward, both as an opportunity for developers and its role in enabling more renewables in the grid?

Amit Jain: Energy storage is vital for grid stability and addressing the intermittency of renewable sources. It smooths out power supply fluctuations and ensures a consistent flow of energy to the grid, which is crucial as renewables become a larger part of the energy mix.

The market opportunity for energy storage is expanding, driven by decreasing costs and supportive policies. ENGIE is committed to integrating energy storage solutions into our renewable projects, ensuring we deliver sustainable and economically viable energy.

Where do you see wind energy going ahead? Do you believe the recovery in orders will sustain?

Amit Jain: Wind energy in India is set for continued growth, with favourable policies and increasing investments in renewable energy. The recovery in wind energy orders appears sustainable, as demand for clean energy rises and India continues its focus on diversifying its energy mix. Wind energy will play a crucial role in meeting India’s renewable energy goals.

As a developer, are you concerned about the risk of higher end prices due to the gap between module prices in India and elsewhere due to tariffs?

Amit Jain: We understand the potential impact of tariffs on module prices. As a global player, ENGIE addresses this challenge by focusing on strategic sourcing, cost-effective technologies, and partnerships to manage price volatility. By maintaining a flexible and proactive strategy, we ensure cost competitiveness while continuing to deliver high-quality, reliable energy solutions. Our commitment to quality equates to reliability, ensuring that our pricing remains competitive in the market.

Your plans and expectations for the C&I segment in India?

Amit Jain: At ENGIE India, we are committed to advancing utility-scale renewable energy projects, prioritizing large-scale solar and other initiatives that leverage our global expertise. While we acknowledge the significant potential of the commercial and industrial (C&I) market in India, our strategic focus remains on these expansive projects. We are also exploring opportunities with our trading arm, Global Energy Management & Sales (GEMS), which empowers businesses to decarbonize by optimizing assets, managing risks, and delivering value-driven solutions. These collaborations highlight ENGIE’s comprehensive approach to the energy transition, solidifying our position as a global leader.

For now our efforts are concentrated on driving growth and innovation in utility-scale projects, where we can leverage our global portfolio and experience to make a significant impact on India’s renewable energy landscape.

How do you see the market for financing renewables evolving? Does it need interventions?

Amit Jain: The financing landscape for renewables is evolving, with growing interest from institutional investors and innovative financing models. However, challenges such as land acquisition, high interest rates, and currency depreciation risks for foreign funding remain. Continued policy support, financial mechanisms, and improved access to funding are essential to sustaining growth. Interventions will help overcome barriers and attract further investments, enabling the renewable sector to thrive.