ENGIE has been gradually investing in India’s renewable sector over the past few months and Simpa Energy turns out as its third major investment area
Global independent power producer, ENGIE has acquired about 90 per cent stake in Simpa Energy, a leading rural rooftop solar power solutions provider. It has also planned to invest in decentralized renewable energy solutions globally and extend support to clean energy adoption in India.
ENGIE’s clean energy commitment
ENGIE is committed to offering clean energy to individuals across the underdeveloped regions. The power producer will be investing in Simpa Networks, Simpa Energy’s parent firm that provides individual photovoltaic panels for the poorest homes in the Delhi region. The investments are aimed at supporting the people access clean energy.
Simpa Energy
Simpa Energy sells solar home systems (SHS) to households and small businesses across rural Uttar Pradesh, Bihar and Odisha. It extends financial support to customers making a small initial payment for the installation of photovoltaic systems. The payments made, however, add up to the total purchase price and after completion, the customers own the PV system and availing electricity for free.
ENGIE investments
ENGIE has been investing in India’s renewable segment. Recently, it announced a joint venture with French infrastructure and investment firm, STOA to set up a wind platform in India. Prior to this, it acquired 100 per cent acquisition of an Africa-based energy company, Fenix International.
