The joint venture aims to produce over 1 GW in wind capacity across several Indian states, with a pipeline of projects already identified.
Saad Zaman, partner at The Abraaj Group, said India’s renewables sector was “buoyed by a strong regulatory framework” and “has seen strong growth in recent times”.
“We expect demand for power across the country will continue to increase,” he added.
According to The Abraaj Group, India’s government has created a “compelling investment opportunity for the private sector” through initiatives such as the Uday scheme, which has helped deleverage the balance sheets of distribution companies; the Green Corridor Initiative, which will help improve interstate connectivity; and the recently announced National Investment and Infrastructure Fund.
The Abraaj Group has previous experience in India’s renewables sector after building a 1 GW solar portfolio in 2015, in partnership with the multinational Aditya Birla Group. This year The Abraaj Group acquired a majority stake in the 50 MW Jhimpir Power wind project in Southeast Pakistan.
India’s power demand is expected to grow at 9 per cent year-on-year to 2020. The nation aims to install 60 GW of wind power capacity by 2022, which would almost double its current installed capacity of 32 GW.