Enfinity Global has finalized a significant financing deal worth $135 million for the development and construction of 1.2GW of solar and wind projects in India, marking a significant stride towards advancing renewable energy infrastructure in the country.
Canada Pension Plan Investment Board (CPP Investments) is providing the financing through subsidiaries of CPPIB Credit Investments, underlining the confidence of global investors in India's renewable energy potential.
Spread across five states including Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, the projects in this portfolio are in advanced stages of development, with expected commissioning dates between 2025 and 2026.
Carlos Domenech, Chief Executive of Enfinity Global, expressed enthusiasm for the partnership with CPP Investments, stating, “Renewable energy is at the core of India's economic growth plans as a key driver of competitiveness.”
Geoffrey Souter, Managing Director and Head of Real Assets Credit at CPP Investments, emphasized the strategic significance of solar and wind power in India's renewable energy landscape. He remarked, “Solar and wind power are two vital renewable energy sources and India offers a strong pipeline for such opportunities.”
Enfinity Global already owns and operates a portfolio of 240MW solar plants in India, with an additional 1.5GW under development. Over the next three years, the company aims to develop and commission renewable power plants to supply over 5GWh of clean electricity annually, including through Power Purchase Agreements (PPAs).
In addition to its renewable energy endeavors, Enfinity intends to diversify its business by delivering other net-zero solutions for the Indian and global market. This includes ventures into energy storage, hybrid renewable energy production, green ammonia, water treatment, and other emerging circular economy technologies.
