Norwegian Climate Fund to invest in Gujarat’s wind power plant
POWER & RENEWABLE ENERGY

Norwegian Climate Fund to invest in Gujarat’s wind power plant

The Norwegian Climate Investment fund, managed by Norfund, and KLP, Norway’s largest pension company, together has committed equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India.

Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 59 GW of installed renewable capacity in Europe, Asia, Africa and the Americas. In July 2020, Norfund and Enel Green Power entered into a joint investment agreement for renewable energy projects in India. The first project together, the 420 MW Thar solar plant, was announced in August 2022.

This second project is a 168 MW wind project in Gujarat. As with Thar, Enel Green Power was awarded the rights to sell power under a government auction and has a 25-year power purchase agreement. Via the investment partnership KNI India, Norfund brings along KLP, Norway’s biggest pension company, with joint commitments of ca NOK 317 million (INR 2,4 billion) in equity capital and loan guarantees up to NOK 530 million (INR 4 billion) towards the construction of the project. (The Climate Investment Fund owns 51% and KLP 49% of KNI India).

The plant, which has been put into operation, is expected to produce ca 700 GWh per annum. Given India’s current energy sources, with a considerable proportion coming from coal, the project will avoid ca 573,000 tons CO2 per annum*.

The investment is the fourth made under the Climate Mandate in India, the country with the world’s greatest need for growth in the energy sector. To meet growth in electricity demand over the next twenty years, India will need to add a power system the size of the current EU production, according to the IEA. In 2022, India’s power output grew at the fastest pace in 33 years, and coal-fired power output grew by a staggering 12.4%. That also meant that emissions from power generation rose by nearly a sixth, to 1.15 billion tons, according to a Reuters analysis.
Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Norwegian Climate Investment fund, managed by Norfund, and KLP, Norway’s largest pension company, together has committed equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India.Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 59 GW of installed renewable capacity in Europe, Asia, Africa and the Americas. In July 2020, Norfund and Enel Green Power entered into a joint investment agreement for renewable energy projects in India. The first project together, the 420 MW Thar solar plant, was announced in August 2022.This second project is a 168 MW wind project in Gujarat. As with Thar, Enel Green Power was awarded the rights to sell power under a government auction and has a 25-year power purchase agreement. Via the investment partnership KNI India, Norfund brings along KLP, Norway’s biggest pension company, with joint commitments of ca NOK 317 million (INR 2,4 billion) in equity capital and loan guarantees up to NOK 530 million (INR 4 billion) towards the construction of the project. (The Climate Investment Fund owns 51% and KLP 49% of KNI India).The plant, which has been put into operation, is expected to produce ca 700 GWh per annum. Given India’s current energy sources, with a considerable proportion coming from coal, the project will avoid ca 573,000 tons CO2 per annum*.The investment is the fourth made under the Climate Mandate in India, the country with the world’s greatest need for growth in the energy sector. To meet growth in electricity demand over the next twenty years, India will need to add a power system the size of the current EU production, according to the IEA. In 2022, India’s power output grew at the fastest pace in 33 years, and coal-fired power output grew by a staggering 12.4%. That also meant that emissions from power generation rose by nearly a sixth, to 1.15 billion tons, according to a Reuters analysis.

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000