Nordic investors team up with Indian IPP for 250MW solar plant in Rajasthan

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The plant will be constructed in the North-Western state of Rajasthan. Image: ReNew Power.

United Nations Office for Project Services (UNOPS) has signed an agreement to invest in a 250MW solar plant in Rajasthan, India.

The total value of the project is nearly US$200 million. UNOPS’ share is 10%, while around 25% is financed through equity contributions by co-investors.

Co-investors include Acme Solar, an independent power producer (IPP) in India, and IFU, a Danish investment fund for developing countries. Finland-based UNOPS will be involved in the operation of the project.

In 2020, the governments of India and Denmark signed what was termed a ‘green strategic partnership’ and after its “first investment” under the agreement, IFU’s climate vice president Reik Haahr Müller hopes the project will be a “stepping-stone for creating an even stronger green cooperation between India and Denmark, going forward.”

The agreement is “a key milestone” in ACME’s desire to develop 25GW of renewable energy projects, and “comes in line with India’s plans to achieve 450GW of renewable energy by 2030,” said Manoj Upadhyay, founder and chairman of ACME.

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