(Information sent by the signatory company)
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 farms in India. Financing will be provided by Canada Pension Plan Investment Board (CPP Investments) through 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 come into operation between 2025 and 2026. Once interconnected, they are expected to generate 2.4 GWh of clean electricity per year, enough to power more than two million Indian homes and offset 2.6 million tonnes of CO2 emissions.
“Renewable energy is an essential part of India’s economic growth plans as a key driver of its competitiveness. We are grateful to CPP Investments, one of the most respected global investors, for this agreement, which will increase the production of green electricity within India’s energy mix,” commented Carlos Domenech, CEO of Enfinity Global.
“Solar and wind energy are two vital sources of renewable energy and India offers a strong pipeline of opportunities for their development. We are delighted to partner with Enfinity Global on these projects, providing flexible, long-term capital that will provide a promising source of long-term returns for the CPP Fund,” added Geoffrey Souter, Managing Director, Head of Real Assets Credit.
This financing reiterates Enfinity’s long-term commitment to India and its ability to attract foreign capital and promote local technical talent in support of national decarbonization goals. The company owns a portfolio in India that includes 240 MW operational and over 1.5 GW under development. Over the next 3 years, Enfinity plans to develop and commission renewable energy plants to supply more than 5 GWh of clean electricity per year, through Power Purchase Agreements (PPAs). Enfinity also intends to diversify its business to offer other decarbonization solutions to 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. is a leading American company in the renewable energy and sustainability sector created in 2019. The company owns a portfolio of more than 22 GW of renewable energy production and storage projects, which includes plants in operation, construction and in different phases of development. With offices in the United States, Europe and Asia, the company seeks to contribute to the transition towards a sustainable economy neutral in CO2 emissions. Enfinity Global’s management team, one of the most experienced in the industry, brings more than $37 billion of financing experience in the renewable energy sector and more than 15 GW of solar and wind assets developed and acquired.
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