INDIA – Enel Green Power and Norfund join forces to develop renewable energy projects.
Enel Green Power (EGP), through its Indian renewable energy subsidiary Enel Green Power India and the Norwegian investment fund for developing countries Norfund, have recently signed a long-term agreement to jointly finance, build and manage new renewable energy projects in India. Pursuant to the agreement, EGP India will be responsible for the development and construction of each project, while Norfund will have the right to invest in the projects once a specific milestone is reached in their completion, thus becoming an equity partner in the project. Through the agreement, the partners, in line with their objectives of sustainability, decarbonisation and renewable energy development, aim to promote clean energy production in India, which is rich in renewable energy sources and has ambitious green energy targets. The Indian government is committed to achieving a generation capacity of 100 GW from solar power and 60 GW from wind power by 2022.
