Canada Pension Plan Investment Board (CPP Investments) has provided renewable energy firm Enfinity Global with $135m (€124m) in funding for projects in India.
The Canadian investor, through its CPPIB Credit Investments arm, is financing solar and wind power projects spread across Maharashtra, Delhi, Karnataka, Rajasthan and Uttar Pradesh which are in advanced stages of development and are expected to be commissioned between 2025 and 2026.
When fully operational, these projects will generate 2.4GWh of clean electricity annually.
Geoffrey Souter, managing director and head of real assets credit at CPP Investments, said: ”Solar and wind power are two vital renewable energy sources and India offers a strong pipeline for such opportunities.
”We are pleased to partner with Enfinity Global on these projects by providing long-term and flexible capital that we believe will provide a promising source of long term returns for the CPP Fund.”
Enfinity owns and operates a portfolio of 240MW solar plants in India, with over 1.5GWs under development.
Carlos Domenech, CEO of Enfinity Global, said: ”Renewable energy is at the core of India’s economic growth plans as a key driver of competitiveness. Enfinity Global is delighted to partner with CPP Investments, one of the most respected global investors, in bringing clean energy to power India’s future.”
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