ZGDI portfolio update — May 2026
432.75 MW operating across Rajasthan and Maharashtra, 81 MW under construction, and a development pipeline anchored by long-term C&I off-take agreements. The state of the platform at May 2026.
- 432.75 MW operating: SECI-IV 420 MW (Rajasthan, with ReNew) + Solar Park 1 12.75 MW (Maharashtra).
- 81 MW under construction: Solar Park 2 (16.6 MW) and the Solar+Wind Park (64.4 MW).
- Korean group off-takers anchor the Korean customer base; Indian C&I off-takers anchor the Indian side.
- ZGDI runs 14 SPVs — 6 operating, 8 under establishment — wholly owned by GS E&C.
Where the platform stands today
Zeit Green Development India was incorporated in April 2023 as the 100% renewable energy subsidiary of GS Engineering & Construction (KRX 006360). Three years in, ZGDI operates 432.75 MW of installed capacity across two states, with another 81 MW under construction and an active development pipeline.
Operating fleet
The largest operating asset is the SECI-IV 420 MW solar park in Rajasthan — co-invested with ReNew under the 2019 tender and operating since September 2021. The second is Solar Park 1 in Maharashtra: 12.75 MW commissioned in January 2026, with C&I off-takers as anchors. Solar Park 1 is the reference asset for ZGDI's wholly-owned EPC playbook and customer-first PPA structure.
Under construction
- Solar Park 2 — 16.6 MW in Maharashtra, commercial operation from May 2026. Off-takers: Indian C&I.
- Solar+Wind Park — 64.4 MW total, off-take by a Korean group. Solar block from May 2026, wind block from March 2027.
Under development
The active development book spans solar, wind, hybrid and storage. Wind Park (29.4 MW) is closest to construction-readiness, with the pooling substation commissioning scheduled for March 2026. Solar Park 3 is being scoped at 100 MWac / 140 MWdc (188 of 400 acres already secured, 132 kV grid connectivity in process). Wind Park 2 adds another 10–15 MW of wind capacity once connectivity is finalised.
“We don't grow by signing speculative MOUs. We grow by signing PPAs with Korean groups operating in India and Indian C&I customers who need a counter-party with a 100% subsidiary balance sheet behind it.”
Long-term roadmap
The GS E&C long-term roadmap for ZGDI moves through four phases: 2025 anchoring (C&I captive, Solar+Wind, PV+BESS pilot); 2026 scale-up (large-scale C&I and utility, Solar+Wind, PV+BESS for ITMO carbon credits); 2028 utility scale (utility-scale business, merchant supply, PV+BESS ITMO); 2030 spinoff (with green hydrogen on the horizon).
Customers, not partnerships
ZGDI's growth is customer-led, not partnership-led. Korean group off-takers anchor the Korean customer base, sitting alongside Indian C&I off-takers. Each project starts with a known load profile and a contracted off-taker, not with a speculative MOU.
Keep reading
Solar + Wind + BESS: ZGDI's four-tier hybrid strategy
Solar-only covers ~30% of typical industrial demand. Solar + Wind hybrid lifts that to ~70%. Add BESS and you can reach RE100 with 24/7 firm supply. How GS E&C sizes capacity for Indian C&I loads.
Case studySolar Park 1: ZGDI's first wholly-owned operating asset
12.75 MW commissioned in Maharashtra in January 2026 — ZGDI's first wholly-owned solar park. The reference asset for ZGDI's EPC standard and customer-first PPA structure.