Enfinity Global Inc., a leading renewable energy company, has announced the signing of a $135 million financing agreement for the development and construction of 1.2 GW of solar and wind projects in India. The financing is provided by Canada Pension Plan Investment Board (CPP Investments) through subsidiaries of CPPIB Credit Investments Inc.
The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced stages of development and are expected to be commissioned between 2025 and 2026. Upon completion, these projects will generate an estimated 2.4 GWh of clean electricity annually, sufficient to power over two million Indian homes and offset 2.6 million tons of CO2 emissions.
Carlos Domenech, CEO of Enfinity Global, highlighted the importance of renewable energy in India’s economic growth, stating, “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.”
Geoffrey Souter, Managing Director and Head of Real Assets Credit at CPP Investments, emphasized the strategic value of the partnership, noting, “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.”
This financing underscores Enfinity’s long-term commitment to India and its capability to attract foreign capital while promoting local expertise to support national decarbonization targets. Currently, Enfinity owns and operates a portfolio of 240 MW solar plants in India, with over 1.5 GW under development. Over the next three years, Enfinity plans to develop and commission renewable power plants to supply over 5 GWh of clean electricity annually. Additionally, the company aims to diversify its offerings, exploring energy storage, hybrid renewable energy production, green ammonia, water treatment, and other emerging circular economy technologies.
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