Enfinity Global Secures $135 Million Financing for Solar and Wind Projects in India
Enfinity Global Secures $135 Million Financing for Solar and Wind Projects in India
MIAMI, May 16, 2024 /CNW/ — Enfinity Global Inc., a leader in renewable energy, has announced a major milestone in its efforts to expand clean energy infrastructure in India. The company has secured $135 million in financing from Canada Pension Plan Investment Board (CPP Investments) for the development and construction of 1.2 GW of solar and wind projects in the country.
The projects, located in five states including Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced stages of development and are expected to be operational between 2025 and 2026. Once completed, these projects are projected to generate 2.4 GWh of clean electricity annually, which is enough to power over two million Indian homes and offset 2.6 million tons of CO2 emissions.
“Renewable energy is a key driver of competitiveness and economic growth in India. Enfinity Global is proud to partner with CPP Investments to bring clean energy solutions to power India’s future,” said Carlos Domenech, CEO of Enfinity Global.
Geoffrey Souter, Managing Director and Head of Real Assets Credit at CPP Investments, added, “Solar and wind power are essential renewable energy sources, and India presents a strong pipeline for such opportunities. We are excited to partner with Enfinity Global to provide long-term capital for these projects, which we believe will deliver promising returns for the CPP Fund.”
This financing underscores Enfinity’s commitment to India and its efforts to attract foreign investment to support the country’s decarbonization goals. The company currently owns and operates 240 MW of solar plants in India, with over 1.5 GW under development. Over the next three years, Enfinity plans to develop and commission renewable power plants to supply over 5 GWh of clean electricity annually, including through Power Purchase Agreements (PPAs).
In addition to its renewable energy projects, Enfinity aims to diversify its business to offer other net-zero solutions for the Indian and global markets, including energy storage, hybrid renewable energy production, green ammonia, water treatment, and other circular economy technologies.
About Enfinity Global
Enfinity Global Inc. is a US-based renewable energy and sustainability services company with a portfolio of 22.4 GW of renewable energy and storage projects. With a presence in the US, Europe, Japan, and India, the company is committed to contributing to a sustainable net-zero carbon economy. Enfinity’s leadership team brings over $37 billion of financing experience in the renewable energy sector and has developed and acquired over 15 GW of solar and wind assets.
For more information, visit Enfinity Global’s website.
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SOURCE Enfinity Global
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