US-based Enfinity Global has secured $135 million in long-term financing to advance the development of its 1.2 GW of solar and wind projects in India. The financing is being provided by Canada Pension Plan Investment Board
May 16, 2024
Enfinity Global Inc., a US-based renewable energy and sustainability services company, announced today that it has signed $135 million in financing for the development and construction of 1.2 GW of solar and wind projects in India. The financing is being provided by Canada Pension Plan Investment Board (CPP Investments) through subsidiaries of CPPIB Credit Investments Inc.
The projects to be supported with the financing are spread across five states (Maharashtra, Delhi, Karnataka, Rajasthan and Uttar Pradesh). These are in advanced stages of development and are expected to be commissioned between 2025 and 2026.
Once interconnected, the projects are expected to generate 2.4 GWh of clean electricity annually, enough to power over two million Indian homes and offset 2.6 million tons of CO2 emissions.
“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,” said Carlos Domenech, CEO of Enfinity Global.
“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”, said Geoffrey Souter, managing director, head of Real Assets Credit at CPP Investments.
Enfinity owns and operates 240 MW of solar plants in India, with another over 1.5 GW under development. Over the next three years, it plans to develop and commission renewable power plants to supply over 5 GWh of clean electricity annually, including through power purchase agreements. Enfinity also intends to diversify its business to deliver other net-zero solutions for the Indian and global market through energy storage, hybrid renewable energy production, green ammonia, water treatment, and other emerging circular economy technologies.
Globally, Enfinity Global Inc. owns a portfolio of 22.4 GW of renewable energy and storage projects, including operational assets and projects under construction and in different stages of development. It has offices across US, Europe, Japan, and India.
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