Norfund, KLP invest in 420MW solar project in India

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.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia