Renewable energy firm ACME Group India and Norfund have signed a framework agreement on the basis of which Norfund will co-invest along with ACME in developing new green field renewable power projects in India.
Norfund development of greenfield renewable power projects in India.
According to its current practice, the fund co-invests in projects in developing countries. It also manages the Norwegian Climate Investment Fund.
Norfund will invest USD 60.5 million in Indian solar and agricultural-waste-to-energy company SAEL. SAEL will use the investment to help it achieve its goal of increasing its renewables portfolio by 3GW by 2028. This includes adding 100 MW of biomass and 400 MW solar capacity each year to its 600 MW portfolio.
Earlier in the month new Norwegian Climate Investment Fund managed by Norfund and KLP, Norway’s largest pension company together made its first investment of Rs. 900 million into an Indian transmission project in Karanataka. The Project is developed by ReNew Power.
“Together for the #GreenTransition! Norway’s Climate Investment Fund, managed by @norfund, & largest pension fund @KLPkvitrer make 900 million INR investment in transmission project by @ReNew_Power in Karnataka. @CMofKarnataka@MinOfPower @mnreindia Norway-India,” tweeted Norwegian Ambassador to India, Hans Jacob Frydenlund.
The Norwegian investment in Karnataka will connect 2.5 GW of renewable capacity connected to the national grid.
As part of the Norway-India global energy transition partnership, the Norwegian Climate Investment Fund has take up a 49-per cent stake in a 420-MW solar power plant in Rajasthan, the Scandinavian nation’s embassy had said.