(MENAFN- KNN India) New Delhi, May 17 (KNN) US-based renewable energy (RE) company Enfinity Global Inc. has secured a major financing deal to accelerate its clean energy initiatives in India.
The company announced on Thursday that it has signed an agreement for USD 135 million in financing from Canada Pension Plan investment Board (CPP Investments) for the development and construction of 1.2 gigawatts (GW) of solar and wind power projects in the country.
The financing from CPP Investments' subsidiaries will be used to fund a portfolio of projects spread across five Indian states – Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh.
These projects are in advanced stages of development and are expected to be commissioned between 2025 and 2026.
Once operational, the 1.2 GW of renewable energy capacity is projected to generate an impressive 2.4 gigawatt-hours (GWh) of clean electricity annually.
This would be enough to power over 2 million Indian households while offsetting a staggering 2.6 million tonnes of carbon dioxide emissions each year.
Carlos Domenech, CEO, Enfinity Global, hailed the partnership with CPP Investments as a significant step toward powering India's future growth through renewable energy sources.
He emphasised the vital role of solar and wind power in driving India's economic competitiveness and achieving its ambitious clean energy targets.
Geoffrey Souter, Managing Director and Head of Real Assets Credit, CPP Investments, expressed confidence in the long-term returns and potential of India's renewable energy sector.
He highlighted the attractiveness of providing long-term and flexible capital to Enfinity Global's promising projects.
Enfinity Global currently owns and operates a portfolio of 240 megawatts (MW) of solar plants in India, with over 1.5 GW under development.
Over the next three years, the company plans to develop and commission renewable power plants capable of supplying over 5 GWh of clean electricity annually, including through power purchase agreements (PPAs).
In addition to its renewable energy initiatives, Enfinity Global intends to diversify its business to deliver other net-zero solutions for the Indian and global markets.
These include energy storage, hybrid renewable energy production, green ammonia, water treatment, and emerging circular economy technologies.
The transaction was facilitated by EY, which served as the exclusive M&A investment banker representing Enfinity Global.
Srishti Ahuja, investment banking partner, EY, lauded the deal's unique structure, aligning the interests of a global asset sponsor and a long-term financial investor amid the expected roll-out of numerous renewable energy tenders in India post-elections.
Established in 2019, Enfinity Global Inc. owns a portfolio of 22.4 GW of renewable energy and storage projects globally, including operational assets, projects under construction, and those in various development stages.
(KNN Bureau)
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