Bengaluru, May 17, 2024: US-based renewable energy and sustainability services company Enfinity Global Inc has signed USD 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 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. Once interconnected, they are projected 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.
The financing reiterates Enfinity’s long-term commitment to India and its ability to attract foreign capital and promote local know-how to support national decarbonization targets.
“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.
The company owns and operates a portfolio of 240 MW solar plants in India, with over 1.5 GWs under development. Over the next 3 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). 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.
Enfinity Global Inc owns a portfolio of 22.4 GW of renewable energy and storage projects, including operational assets, under construction, and in different stages of development. With offices across US, Europe, Japan, and India, the company aims to make a significant contribution to a sustainable net zero carbon economy.
