Enfinity Global Secures Major Renewable Energy Connectivity in India
In a landmark achievement for renewable energy, Enfinity Global has successfully secured connectivity for 2 gigawatts (GW) of utility-scale solar photovoltaic (PV) and wind energy projects spread across several Indian states. This strategic development is crucial in advancing the company's mission to enhance its renewable energy portfolio and support India's transition towards eco-friendly energy sources. The states benefiting from this initiative include Rajasthan, Uttar Pradesh, Maharashtra, and Karnataka.
The impressive capacity of 2 GW is projected to generate electricity sufficient to power approximately 4.7 million households. Furthermore, the projects are expected to avoid an astonishing 49 million metric tons of carbon dioxide emissions each year, marking a significant step in combating climate change. The generated power will primarily supply utility companies as well as commercial and industrial customers, addressing diverse energy needs.
Carlos Domenech, the CEO of Enfinity Global, highlighted the importance of this milestone by stating, "This milestone underscores our commitment to accelerating India's renewable energy transition, with the aim of contributing to its ambitious goal of deploying 500 GW of non-fossil fuel energy capacity by 2030." Domenech emphasized that leveraging their global presence will enable the company to harness both capital and operational synergies. By combining these strengths with localized capabilities, Enfinity is well-positioned to be a strategic and dependable partner to meet the long-term energy demands in India.
Looking ahead, over 1 GW of projects under Enfinity's management are anticipated to enter construction within the year, particularly in Maharashtra and Karnataka, with initial works commencing in the first quarter of 2025. The company's renewable energy footprint in India has now grown to approximately 3.3 GW, encompassing various stages of development. This includes 240 MW of projects currently operational, the newly secured 2 GW with connectivity rights, and an additional 1 GW of solar PV, wind, and energy storage projects underway. Notably, Enfinity also won a significant 300 MW Solar-Wind Hybrid project through the competitive bidding process conducted by SJVN in the last quarter of 2024.
In a bid to bolster its renewable electricity supply, Enfinity plans to develop and commission numerous power plants over the next three years, targeting an annual provision of over 5 GWh of renewable electricity, which will also be facilitated through Power Purchase Agreements (PPAs) with commercial and industrial clients.
The company is making strides not only in project implementation but also in securing the requisite capital needed for executing its ambitious portfolio in India. In May 2024, Enfinity successfully closed a $135 million junior financing deal with the Canada Pension Plan Investment Board (CPP Investments) to support the development and construction of solar and wind projects nationwide. This collaborative approach is a testament to Enfinity's proactive strategies in tapping into both national and international financial resources to fuel its growth and commitment towards India’s renewable energy commitment.
As the world shifts towards sustainable practices, initiatives like those undertaken by Enfinity Global are not only pivotal but also set a precedent for others in the sector, demonstrating the potential of transitioning to renewable energy sources while addressing climate concerns head-on. With these advancements, Enfinity Global is poised to play a significant role in India's energy landscape, leaving a lasting impact on the nation's journey towards a greener future.
The impressive capacity of 2 GW is projected to generate electricity sufficient to power approximately 4.7 million households. Furthermore, the projects are expected to avoid an astonishing 49 million metric tons of carbon dioxide emissions each year, marking a significant step in combating climate change. The generated power will primarily supply utility companies as well as commercial and industrial customers, addressing diverse energy needs.
Carlos Domenech, the CEO of Enfinity Global, highlighted the importance of this milestone by stating, "This milestone underscores our commitment to accelerating India's renewable energy transition, with the aim of contributing to its ambitious goal of deploying 500 GW of non-fossil fuel energy capacity by 2030." Domenech emphasized that leveraging their global presence will enable the company to harness both capital and operational synergies. By combining these strengths with localized capabilities, Enfinity is well-positioned to be a strategic and dependable partner to meet the long-term energy demands in India.
Looking ahead, over 1 GW of projects under Enfinity's management are anticipated to enter construction within the year, particularly in Maharashtra and Karnataka, with initial works commencing in the first quarter of 2025. The company's renewable energy footprint in India has now grown to approximately 3.3 GW, encompassing various stages of development. This includes 240 MW of projects currently operational, the newly secured 2 GW with connectivity rights, and an additional 1 GW of solar PV, wind, and energy storage projects underway. Notably, Enfinity also won a significant 300 MW Solar-Wind Hybrid project through the competitive bidding process conducted by SJVN in the last quarter of 2024.
In a bid to bolster its renewable electricity supply, Enfinity plans to develop and commission numerous power plants over the next three years, targeting an annual provision of over 5 GWh of renewable electricity, which will also be facilitated through Power Purchase Agreements (PPAs) with commercial and industrial clients.
The company is making strides not only in project implementation but also in securing the requisite capital needed for executing its ambitious portfolio in India. In May 2024, Enfinity successfully closed a $135 million junior financing deal with the Canada Pension Plan Investment Board (CPP Investments) to support the development and construction of solar and wind projects nationwide. This collaborative approach is a testament to Enfinity's proactive strategies in tapping into both national and international financial resources to fuel its growth and commitment towards India’s renewable energy commitment.
As the world shifts towards sustainable practices, initiatives like those undertaken by Enfinity Global are not only pivotal but also set a precedent for others in the sector, demonstrating the potential of transitioning to renewable energy sources while addressing climate concerns head-on. With these advancements, Enfinity Global is poised to play a significant role in India's energy landscape, leaving a lasting impact on the nation's journey towards a greener future.
Topics Energy）
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