Enel Green Power has partnered with Norwegian Investment Fund for developing countries (Norfund) to co-finance, build and operate new renewable energy projects in India.
The two have signed a long-term agreement to boost the development of renewables in India, in line with the sustainability, decarbonisation and renewables targets of the companies and the country’s renewable energy goals.
Enel Green Power will be responsible for the development and construction of each project that will be jointly financed and governed by both partners. Enel will also provide technical services to the projects.
Norfund will have the right to invest in the projects once a specific milestone in their completion is reached.
India has set a goal to achieve 100GW of solar and 60GW of wind power generation capacity by 2022, up from around 35GW of solar and about 38GW of wind as of today.
EGP India owns and operates 172MW of wind capacity producing around 320GWh per year in Gujarat and Maharashtra.
The company was recently awarded the right to sign a 25-year energy supply contract for a 420 MW solar project in Rajasthan.
Antonio Cammisecra, the CEO of Enel Green Power, said: “This agreement gives us the opportunity to expand and strengthen our presence in India, after recently scoring our first win in a solar tender in the country.
“By joining forces with an important partner such as Norfund, which shares our commitment towards sustainability and decarbonization, we will leverage on our technical expertise to harness the significant renewable growth potential of India, while contributing to the achievement of the country’s sustainable energy targets.”
Tellef Thorleifsson, CEO of Norfund, adds: “For Norfund, the partnership represents an opportunity to play a role in providing much needed clean energy in an important market together with a world-class industrial partner.
“India has ambitious targets to increase the penetration of renewables, and there is a great need for more capital combined with technical expertise to realize them. By partnering with an experienced company like Enel Green Power, we believe we can contribute to both create jobs and promote the transition to renewables.”