Enel taps Norfund for Indian solar push

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
India is among a long list of countries Enel is constructing solar projects in, including Mexico (pictured). Image: Enel Green Power.

Enel has tapped Norwegian investment fund Norfund to jointly finance, build and operate new renewables projects in India.

The Italian utility’s Green Power division has signed a long-term agreement with state-owned international development fund Norfund which will form an investment framework, under which Enel Green Power India will develop and construct renewable power plants in India.

Norfund will then have the right to invest in projects once specific milestone are reached, becoming an equity partner alongside Enel Green Power India in individual projects.

No specific investment cap or floor has been announced by the two companies, but they have pointed towards India’s substantial targets for solar and wind capacity. India intends to have 100GW of solar and 60GW of wind generation capacity by 2022, a significant uptick from their existing respective capacities.

The partnership also comes a week after Enel scored its first solar development contract in India, securing a deal with Solar Energy Corporation of India for a 300MWdc / 420MWac project in Rajasthan, part of SECI’s ninth tranche national solar tender.

Antonio Cammisecra, CEO at Enel Green Power, said the agreement with Norfund would enable the company to “expand and strengthen” its presence in India.

“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,” he said.

“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,” Tellef Thorleifsson, CEO at Norfund, added.

Previous partners of Norfund’s in the PV space include compatriot developer Scatec Solar. The two formed a similarly-aimed agreement in 2014 to jointly invest in solar projects in developing countries in Africa.

Read Next

December 9, 2021
US residential solar installer SunPower has launched a new financial services product aimed at making domestic renewables more affordable.
December 9, 2021
Investment firm KKR has launched a new utility-scale solar and energy storage development platform, dubbed Stellar Renewable Power.
December 8, 2021
A US development agency has approved up to US$500 million of debt financing for First Solar to support the manufacturer in setting up a thin film module production plant in India.
December 7, 2021
Solar developer ib vogt has signed a €40 million (US$45 million) syndicated loan agreement with its long-standing German bank partner Commerzbank AG to support its international growth strategy
December 6, 2021
Solar deployment in India is faltering as high module prices impact project construction, according to new analysis from Bridge to India.
December 6, 2021
Saudi solar developer ACWA Power has signed a memorandum of understanding (MoU) with Natixis Corporate & Investment Banking (Natixis CIB) that will see the partners explore opportunities to develop projects, including renewable energy plants.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
December 21, 2021
Free Webinar
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint