Copenhagen Infrastructure Partners (CIP) has teamed up with local renewable energy developer Viviid Renewables to develop 1.8GW of projects.
The partnership involves Viviid contributing projects from its development pipeline in India to the venture, as well as delivering development activities with CIP leading the sourcing of offtakers, procurement activities and the financing process.
CIP said the partnership, being made through its Copenhagen Infrastructure New Markets Fund (CI NMF) I, will mainly focus on onshore wind projects. It will initially develop two onshore wind projects with a 500MW combined capacity, with a plan to develop further projects through follow-on CI NMF funds.
The CI NMF I fund was established in November 2019 with a total commitment of $1bn (€929m). The fund mainly targets greenfield renewable energy infrastructure projects in fast-growing economies in Asia and Latin America, and certain countries in Eastern Europe.
Peter Sjøntoft, an associate partner at CIP, said: “This is the second CI NMF I partnership in the Indian renewable energy market, reflecting India’s continuing importance as a key focus area for the fund.
“With this partnership we are significantly strengthening our foothold in India and are delighted to partner with Viviid and look forward to working alongside their highly experienced team, combining our joint expertise to assist the green transition in the country.”
Siddharth Mehra, founder of Viviid, said: “We are very excited to be partnering with CIP to accelerate delivery of our project pipeline over the coming years.
“Through this long-term partnership, we aim to further strengthen our contribution to India’s ambitious target of installing 500GW of generation capacity from renewable sources by 2030.”
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