Norfund, KLP purchase 420MW solar project in India

Aug 25, 2022 10:08 AM ET
  • Norwegian investment fund Norfund and Norwegian pension firm KLP have actually accepted take a 49% stake in a 420MW solar PV plant in India established by Enel.
Norfund, KLP purchase 420MW solar project in India
Image: Enel

The deal is approximated to be INR2.8 billion (US$ 35 million), with the solar project presently incomplete in the solar hotbed state of Rajasthan.

Norfund's engagement in this 420MW solar PV plant comes through its management of the Norwegian Climate Investment Fund (NCIF), which introduced earlier this year.

The fund will assign NOK2 billion (US$ 205 million) annually for the next five years in renewable resource projects in establishing countries.

Besides prioritising projects in India, the fund will certainly likewise proactively look to invest in up to 9GW of renewables in South Africa, Vietnam, the Philippines, Cambodia, Indonesia, Sri Lanka and also Bangladesh.

"We are very happy to have this large-scale financial investment in position. If India is to base its power needs on renewables there is a massive need for capital, which we are contributing to in part with the new climate investment fund," claimed Tellef Thorleifsson, Chief Executive Officer of Norfund.

Additionally, this is not the first cooperation in between the investment fund and Enel as both companies authorized a contract in 2020 to build and also run new renewables projects in India.

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