MIAMI, May 16, 2024 /PRNewswire/ -- Enfinity Global
Inc., a leader in renewable energy, today announced 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 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.
"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.
This 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. 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.
About Enfinity Global
Enfinity Global Inc., together with its subsidiaries, is a
US-based leading renewable energy and sustainability services
company established in 2019. The company 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. Enfinity's
leadership team is one of the most experienced global teams in
renewables and brings over $37
billion of financing experience in the renewable energy
sector with over 15 GW of developed and acquired solar and wind
assets.
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