Copenhagen Infrastructure Partners, a leading global infrastructure investment firm, has inked a framework agreement with Viviid Renewables Private Limited, a well-known Indian developer and BOP contractor. The deal, facilitated by Copenhagen Infrastructure New Markets Fund I (CI NMF I), aims to develop over 1.8GW of renewable energy projects in India, with an emphasis on onshore wind projects.
Initially, the partnership will concentrate on two onshore wind projects, which are expected to have a combined capacity of more than 500MW. However, additional projects are anticipated to be constructed through the use of successor CI NMF funds. Viviid will bring in projects from its development pipeline, along with delivering essential development activities up to the Final Investment Decision and providing design, engineering, procurement, and construction services. Meanwhile, CIP will spearhead the offtake sourcing, general procurement activities, and the financing process, leveraging Viviid's local experience.
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Peter Sjøntoft, an Associate Partner at CIP, said, “This is the second CI NMF I partnership in the Indian renewable energy market, reflecting India's continuing importance as a key focus area for the fund. With this partnership, we are significantly strengthening our foothold in India and are delighted to partner with Viviid and look forward to working alongside their highly experienced team, combining our joint expertise to assist the green transition in the country.”
Siddharth Mehra, the founder of Viviid, expressed excitement at the collaboration, saying, “We are very excited to be partnering with CIP to accelerate the delivery of our project pipeline over the coming years. Through this long-term partnership, we aim to further strengthen our contribution to India's ambitious target of installing 500GW of generation capacity from renewable sources by 2030.”
This partnership is yet another testament to India's attractiveness as a key market for renewable energy investment. It underscores the growing importance of sustainable energy in the country, particularly in the wake of the Covid-19 pandemic. As India races towards its ambitious clean energy targets, such partnerships will become increasingly crucial in driving growth and progress in the renewable energy sector.
