A contract for a new solar project in India could help the country reach its goals for renewable power capacity, French energy company ENGIE said.

Regional subsidiary Solairedirect India secured a contract to build a solar power project in southern India. Once completed in 2018, the French power company will have one of the lead positions in the Indian solar power sector.

ENGIE said the process for bidding was quick and highly competitive, showing the solar energy sector was becoming more attractive to investors.

"The bid is part of the National Solar Mission -- Phase II, a program launched by the Indian state in 2010 to develop solar generation widely and reach 100 gigawatts of solar capacity by 2022," the company explained.

A February report from the International Monetary Fund said India, one of the world's fastest-growing economies, may have issues with attracting capital because of the amount of bad loans on its books and the general health of the nation's banking system.

India aims to triple its renewable power capacity by 2022 to 175 gigawatts by drawing on new solar and wind energy sources.

For the International Energy Agency, one of the policy priorities for India should be drawing diverse sources of capital to renewables and other low-carbon energy resources.

Though coal is still a dominant energy form in India, and parts of the country still lack a reliable source of electricity, the IEA lists India as No. 4 in the world in terms of new solar power and No. 4 in the world based on cumulative wind power capacity.

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