The Norwegian Embassy in New Delhi announced on Monday that Norfund and KLP, Norway’s largest pension institution, will purchase a 49 percent ownership in the Thar Surya 1 solar energy project for roughly Rs 2.8 billion.
The Norwegian Climate Investment Fund, managed by Norfund and KLP, has agreed to acquire a 49 percent stake in a 420 MW solar power plant in Rajasthan constructed by Italian Enel Green Power.
The Norwegian Embassy in New Delhi announced on Monday that Norfund and KLP, Norway’s largest pension institution, will purchase a 49 percent ownership in the Thar Surya 1 solar energy project for roughly Rs 2.8 billion.
“Norway and India are global energy transition partners. Norway is meeting its climate financing commitments through the Climate Investment Fund, which is managed by Norfund, while also contributing to India’s energy security and clean power supply “Hans Jacob Frydenlund, the Norwegian Ambassador, stated.
When completed, the project will generate more than 750 GWh per year. Given India’s current energy mix, the project will save more than 615,000 tonnes of CO2 emissions each year, according to the Norwegian embassy.
The climate investment fund will invest 10 billion NOK (roughly 1 billion USD) over the next five years, with India as a priority market.
“This summer’s unprecedented heat and drought in many regions of the world demonstrated, more than ever, that there is no time to waste in the fight against climate change. That is why it is such fantastic news that the Climate Investment Fund’s money is already working for these critical renewable energy investments in record speed “Anne Beathe Tvinnereim, Norway’s Minister of International Development, stated.
According to BloombergNEF (BNEF), India need 233 billion USD in investment to satisfy its wind and solar energy development goals by 2030.
