ENGIE is open to inorganic opportunities and bullish on Indian power market, says GlobalData
November 21, 2018 (Investorideas.com Newswire) Following the news on 13 November 2018 that global energy and services group ENGIE has acquired a 90% controlling stake in Simpa Energy India to fund geographic expansion and accelerate growth,
Ankit Mathur, Power Industry Analyst at GlobalData, a leading data and analytics company, offers his view on this development and its implications:
"The Indian power industry is undergoing rapid transformation and is well on course to achieve its ambitious renewable energy target of 175 gigawatt (GW) by 2022. Simpa Energy India is a leading solar solution provider in rural areas of Uttar Pradesh, Bihar and Odisha. Through this acquisition, ENGIE, which is one of the largest foreign investors in India's solar space, is reinforcing its commitment towards decentralized renewable energy solutions to support India's rapid transition to clean energy.
"ENGIE India plans to provide solar home solutions with pay-as-you-go pricing model to households and small businesses in rural India. The company currently has around 800 megawatt (MW) of utility scale solar projects (around 330 MW under construction) and 280 MW of utility scale wind (all committed in final development or construction).
"In September 2018, ENGIE and French infrastructure and investment firm STOA announced a 50:50 joint-venture (JV) to build wind power projects in India. The JV has set a goal of establishing over 2 GW of wind power capacity over the next five years. The JV will be developing both onshore and offshore wind projects under the scope.
"In November 2018, ENGIE Laborelec, the utilities division of ENGIE, announced partnership with Tata Consultancy Services to develop cyber security products and services for power utilities and critical energy infrastructure.
"ENGIE has been actively increasing its investments and offerings in India's renewable energy and power sector. This acquisition is in line with the company's strategy to remain close to customers in the distributed energy market. The company will leverage Simpa's innovative business model in this huge untapped market with significant growth potential. The company is bullish on the Indian power market and is open to inorganic opportunities if they make a sound and promising business sense."
For more information
To gain access to our latest press releases: GlobalData Media Centre
Analysts available for comment. Please contact the GlobalData Press Office:
EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
For expert analysis on developments in your industry, please connect with us on:
GlobalData.com | LinkedIn | Twitter
Notes to Editors
Comments provided by Ankit Mathur, Power Industry Analyst at GlobalData
4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com