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Enel Green Power and Norfund join forces to develop renewable projects in India

Power News - Published on Thu, 09 Jul 2020

Image Source: Enel Green Power India Norfund
Enel Green Power, through its Indian subsidiary for renewables Enel Green Power India and the Norwegian Investment Fund for developing countries Norfund, have signed a long-term agreement to jointly finance, build and operate new renewable projects in India. The agreement is a collaborative investment framework under which Enel Green Power India will be responsible for the development and construction of each project, while Norfund will have the right to invest in the projects once a specific milestone in their completion is reached, thus becoming equity partner with Enel Green Power India in the project. In addition, within the partnership, Enel Green Power India will support each project by providing technical services starting from the preliminary development activities.

Through the agreement, the partners, in line with their sustainability, decarbonization and renewables targets, aim at boosting the development of a clean energy footprint in India, which is rich in renewable sources and has ambitious green energy goals. India’s government is committed to achieve 100 gigawatts of solar and 60 gigawatts of wind power generation capacity by 2022, up from around 35 gigawatts of solar and about 38 gigawatts of wind as of today.

Enel Green Power India owns and operates 172 megawatts of wind capacity producing around 320 GWh per year in Gujarat and Maharashtra. The company was recently awarded the right to sign a 25-year energy supply contract for a 420 megawatts solar project in Rajasthan, which will be the company’s first solar plant in the country, under the 2 gigawatts Ninth Tranche of the national solar tender issued by the government company Solar Energy Corporation of India Limited.

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Posted By : Yogender Pancholi on Thu, 09 Jul 2020
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