US independent power producer (IPP) Enfinity Global has secured US$135 million in financing for a 1.2GW solar and wind portfolio in India.
The projects in the portfolio span through fives states, which are Maharashtra, Delhi, Karnataka, Uttar Pradesh and the solar hotbed state of Rajasthan.
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Rajasthan and Maharashtra were among the Indian states that contributed the most to the record 6.2GW of solar PV additions in March 2024. In the twelve months to March 2024, India added 15GW of new PV capacity.
According to the IPP, the development of the portfolio is in an advanced stage with an expected commissioning set between 2025 and 2026.
With a portfolio of 1.2GW of solar PV and wind, Enfinity Global will further expand its current pipeline of projects in India. The company currently has 240MW of operational solar PV capacity and over 1.5GW in development.
The financing is being provided by the investment fund Canada Pension Plan Investment Board (CPP Investments) through subsidiaries of CPPIB Credit Investments.
According to solar irradiance consultancy Solargis, air pollution has been an issue in India in the beginning of the year, which contributed to a power output decline in January 2024 of 30-50%, compared to historical averages. PV Tech Premium covered, earlier this week, the financial impact of air pollution in the country.
Furthermore, a guest blog contribution from Ali Imran Naqvi, CEO of Gensol Engineering, a solar engineering, procurement and construction (EPC) company based in India, looked at the country’s pursuit of energy self-sufficiency with the raise of solar PV capacity auctioned and the country’s race to build its domestic solar manufacturing capacity.
Last month, IPP Enfinity Global secured US$195 million long-term financing for a 70MW solar PV plant in Japan.
