Medilytix Bureau: Norway’s Climate Investment Fund ‘Norfund’ and its leading pension company KLP will acquire 49 per cent stake in India’s 420 MW solar power plant ‘Thar Surya 1’ for an estimated Rs 2.8 billion. This is their maiden investment as part of a strategic tie-up between Norfund and Italian Enel Green Power.

Enel is the company behind the Thar Surya 1 plant in Rajasthan. When the project is up and running, it is expected to deliver a capacity of over 50 GWh per year, according to a statement from Norfund.
Tellef Thorleifsson, CEO of Norfund, said, “We are extremely glad to have this large-scale investment in place. If India is to base its energy needs on renewables there is an enormous need for capital, which we are contributing to in part with the new climate investment fund.”

“We have great ambitions to contribute with similar investments in India in the years to come,” he added.

KLP and Norfund have jointly invested in several developing economies, with India being their newest market, and one that is in “great need for renewable energy”.
Cutting emissions to meet the Paris Agreement will require phasing out coal. KLP has a goal to increase climate-friendly investments by at least six billion Norwegian Krone (NOK) every year,” Sverre Thornes, CEO at KLP, said in a statement.

Norfund will allocate 10 billion NOK over the next five years, with 1 billion NOK coming from its capital and state budgets each. “Given India’s current energy sources, with a considerable proportion coming from coal, the project will avoid more than 615,000 tonnes of Co2 emissions per year – equivalent to the yearly emissions from 316,000 petrol cars in Norway,” the fund revealed.

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