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Enfinity Global's Renewable Energy Expansion in India

In a significant development for renewable energy in India, Enfinity Global has announced that it has secured connectivity for an impressive portfolio of 2 gigawatts (GW) of utility-scale solar photovoltaic (PV) and wind projects across several Indian states. This achievement marks a pivotal moment in the company's strategy to enhance its renewable energy offerings and support India's ambitious transition to sustainable energy.

Key Highlights of the Project

The 2 GW projects are strategically located in the states of Rajasthan, Uttar Pradesh, Maharashtra, and Karnataka. With this capacity, it is estimated that the projects will produce sufficient electricity to power approximately 4.7 million Indian households. Furthermore, the implementation of these renewable energy systems is expected to prevent the emission of around 49 million tons of carbon dioxide (CO2) annually, significantly contributing to the environmental goals set by the nation.

Carlos Domenech, CEO of Enfinity Global, expressed that this milestone not only solidifies the company's commitment to India but also positions it as a key player in aiding the country’s goal of achieving 500 GW of renewable energy by 2030. He emphasized that Enfinity Global's global presence enables them to leverage operational synergies and capital formation, thereby enhancing their ability to meet customer energy needs locally.

Expansion Plans

The company is already moving forward with more than 1 GW of projects which are slated to enter construction in the near future. This includes projects in Maharashtra and Karnataka expected to begin in the first quarter of 2025. With the latest additions, Enfinity Global’s total renewable energy portfolio in India has reached 3.3 GW. This portfolio consists of 240 MW that are currently operational, 2 GW with secured connectivity, and an additional 1 GW comprising solar, wind, and energy storage projects still in the development phase.

Additionally, Enfinity Global has successfully secured a hybrid solar-wind project of 300 MW through a competitive bidding process with SJVN, further solidifying their position in the Indian renewable energy market.

Within the next three years, the company plans to develop and operationalize renewable energy projects that will supply over 5 GWh of electricity per year. These initiatives will also include Power Purchase Agreements (PPAs) with Commercial and Industrial (CI) clients, aiming to cater to the growing demand for clean energy in the industrial sector.

Financial Strategies

To support its ambitious projects in India, Enfinity Global is actively working on aligning the necessary capital for project execution. Their financial strategy includes collaborations with both national and international financial partners. Noteworthy is a recent financing agreement of $135 million with the Canada Pension Plan Investment Board (CPP Investments), aimed at backing the development and construction of various solar and wind projects across the country.

As Enfinity Global continues to expand its footprint in India’s renewable energy sector, the company's strategic planning and local partnerships are expected to play a crucial role in fulfilling the energy needs of millions while fostering a sustainable future. This initiative not only highlights Enfinity’s commitment to global renewable developments but also its dedication to actively participating in and contributing to India's energy landscape.