Energy solutions provider ENGIE India has secured approximately ₹9.82 billion (~$102.29 million) in financing for its 250 MW Khaba Solar Project in Barmer, Rajasthan.

The project is being developed through Khaba Renewable Energy Private, a wholly owned subsidiary of ENGIE.

The financial closure enables the project to move into its next phase of development, with construction expected to be completed by the third quarter of 2026.

Once commissioned, the solar project is expected to generate approximately 650 GWh of electricity annually.

The financing was secured from the Indian branches of MUFG Bank, Crédit Agricole Corporate and Investment Bank, and BNP Paribas, according to Shardul Amarchand Mangaldas & Co., which advised Khaba Renewable Energy.

ENGIE said that it continues to expand its portfolio across solar, wind, battery storage, and integrated renewable energy solutions.

In January 2026, ENGIE Energy India won 200 MW in Solar Energy Corporation of India’s (SECI) Tranche XXI auction to set up 1,200 MW of interstate transmission system-connected solar projects integrated with 600 MW/3,600 MWh energy storage systems. Engie won the capacity at a tariff of ₹3.12/kWh.

In 2025, ENGIE Energy won 280 MW/560 MWh at a tariff of ₹187,000 (~$2,109.66)/MW/month under Gujarat Urja Vikas Nigam’s auction to develop 2,000 MW/4,000 MWh of standalone battery energy storage systems across Gujarat (Phase VII).

In the same year, ENGIE India signed a power purchase agreement with SECI for a 100 MW solar power project in Barmer, Rajasthan.

According to data from the Central Electricity Authority, the Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker, solar continued to dominate India’s renewable energy landscape. Installed solar capacity reached 163.7 GW, accounting for 29.7% of the country’s total power capacity and 56.4% of its renewable energy capacity.

According to Mercom Capital Group’s Q1 2026 Solar Funding and M&A Report, corporate funding in the solar sector rose to $11.1 billion across 53 deals in the first quarter of 2026, marking a 131% year-over-year increase from the $4.8 billion raised across 39 deals in Q1 2025.