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The combined capacity of this 2 GW portfolio is expected to produce electricity equivalent to powering approximately 4.7 million households and avoiding 49 million metric tons of CO2 annually. The power generated from these projects is earmarked to cater to government utilities, as well as commercial and industrial (C&I) customers.
"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," said Carlos Domenech, CEO of Enfinity Global. "Our global presence enables us to create capital and operational synergies, and when combined with our local capabilities, it positions us as a strategic and reliable partner for the long-term energy needs of our customers in India."
With over 1 GW of projects expected to enter the construction phase this year, including those in Maharashtra and Karnataka starting in Q1 2025, Enfinity Global's renewable energy portfolio in India now totals ~3.3 GW in various stages. This includes 240 MW already operational, 2 GW with granted connectivity, and an additional 1 GW of solar PV, wind, and energy storage projects in development. The company recently awarded a 300 MW Solar-Wind Hybrid project through SJVN's competitive bidding process in Q4 2024.
Over the next 3 years, Enfinity intends to develop and commission renewable power plants to supply over 5 GWh of renewable electricity annually, including through Power Purchase Agreements (PPAs) with C&I customers.
The company is also taking significant steps to align the necessary capital to execute its portfolio in India through collaboration with national and international financial partners. In May 2024, it closed a $135 million junior financing agreement with the Canada Pension Plan Investment Board (CPP Investments) to support the development and construction of solar and wind projects across the country.