Norfund, KLP invest in 420MW solar project in India

Facebook
Twitter
LinkedIn
Reddit
Email
Norfund’s Climate Investment Fund aims to invest in up to 9GW in renewables in the next five years. Image: Enel.

Norwegian investment fund Norfund and Norwegian pension company KLP have agreed to take a 49% stake in a 420MW solar PV plant in India developed by Enel.

The transaction is estimated to be INR2.8 billion (US$35 million), with the solar project currently under construction in the solar hotbed state of Rajasthan.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Norfund’s participation in this 420MW solar PV plant comes through its management of the Norwegian Climate Investment Fund (NCIF), which launched earlier this year.

The fund will allocate NOK2 billion (US$205 million) per year for the next five years in renewable energy projects in developing countries.

Aside from prioritising projects in India, the fund will also actively look to invest in up to 9GW of renewables in South Africa, Vietnam, the Philippines, Cambodia, Indonesia, Sri Lanka and Bangladesh.

“We are extremely glad to have this large-scale investment in place. If India is to base its energy needs on renewables there is an enormous need for capital, which we are contributing to in part with the new climate investment fund,” said Tellef Thorleifsson, CEO of Norfund.

Moreover, this is not the first collaboration between the investment fund and Enel as both companies signed an agreement in 2020 to build and operate new renewables projects in India.

Read Next

February 11, 2025
New manufacturing capacity additions from Gautam Solar and Waaree, alongside Indian solar deployments crossing the 100GW threshold.
February 7, 2025
TP Solar, a subsidiary of Tata Power, has commissioned a 4.3GW cell and module manufacturing facility in the state of Tamil Nadu.
February 4, 2025
Indian solar manufacturer Premier Energies has put under review its plan to build a solar cell plant in the US due to policy uncertainty.
February 3, 2025
PV Industry figures in India have welcomed government proposals to boost the country’s domestic solar and clean energy manufacturing sector.
January 31, 2025
Indian solar manufacturer Jupiter International has signed a memorandum of understanding with the Indian government of Odisha, eastern India, to build a solar cell and module assembly plant.
January 28, 2025
Sunsure Energy has signed a power purchase agreement with the Solar Energy Corporation of India for a 450MWp project in state of Rajasthan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany
Solar Media Events
March 18, 2025
Sydney, Australia