New Delhi: Enfinity Global Inc. has secured a $135 million financing deal with the Canada Pension Plan Investment Board (CPP Investments) to develop and construct 1.2 gigawatts (GW) of solar and wind projects across five Indian states.
“The projects in this portfolio, spread across five states (Maharashtra, Delhi, Karnataka, Rajasthan and Uttar Pradesh), are in advanced stages of development and are expected to be commissioned between 2025 and 2026,” the company said in a statement.
The projects are projected to generate 2.4 gigawatt-hours (GWh) of electricity annually, sufficient to power over two million homes and reduce carbon emissions by about 2.6 million tonne each year.
Carlos Domenech, CEO, Enfinity Global, said, “Renewable energy is at the core of India’s economic growth plans as a key driver of competitiveness. Enfinity Global is delighted to partner with CPP Investments, one of the most respected global investors, in bringing clean energy to power India’s future.”
Geoffrey Souter, Managing Director and Head of Real Assets Credit, CPP Investments, said, “Solar and wind power are two vital renewable energy sources and India offers a strong pipeline for such opportunities. We are pleased to partner with Enfinity Global on these projects by providing long-term and flexible capital that we believe will provide a promising source of long-term returns for the CPP Fund.”
This partnership underscores Enfinity Global’s commitment to India’s renewable energy sector, where it already owns a portfolio of 240 MW solar plants and has over 1.5 GWs under development.
