Enfinity Global has signed $135m in financing for the development and construction of 1.2GW 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.
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.
“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 Enfinity Global chief executive Carlos Domenech.
Managing director and head of real assets credit at CPP Investments Geoffrey Souter said: “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.”
Enfinity owns and operates a portfolio of 240MW solar plants in India, with over 1.5GW under development.
Over the next three years, the company plans to develop and commission renewable power plants to supply over 5GWh 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.