Enfinity Global Inc, a U.S.-based renewable energy company, today confirmed substantial financing for the expansion of its operations in India. The Canada Pension Plan Investment Board (CPP Investments) has committed $135 million. The funds are intended to support the development and construction of1.2 gigawatts of solar and wind power.
Project details
The projects are spread across five Indian states. These include Maharashtra, Delhi, Karnataka, Rajasthan and Uttar Pradesh. They are at an advanced stage of development. Completion is scheduled between 2025 and 2026. Once operational, they should generate 2.4 gigawatt-hours of clean electricity every year. These installations will be sufficient to supply more than two million Indian households and reduce CO2 emissions by 2.6 million tonnes annually.
Strategic partnership with CPP Investment
This financing marks a strategic partnership between Enfinity Global and CPP Investments. Geoffrey Souter, Managing Director and Head of Real Asset Credit at CPP Investments, expressed his enthusiasm for the partnership, highlighting the promising long-term returns for the CPP fund.
Future Impact and Expansion
In addition to these projects, Enfinity plans to develop and commission facilities that will supply more than 5 GWh of electricity. They will be implemented over the next three years, including power purchase agreements (PPAs). The company also plans to diversify its activities to offer other zero-net solutions in India and on the global market. It will include energy storage, hybrid renewable energy production, green ammonia and water treatment. The financing secured by Enfinity Global represents a significant step forward for renewable energies in India. It reinforces the company’s commitment to decarbonization and the country’s energy transition.
