Norway’s Climate Investment Fund is all set to acquire a 49% stake in a 420 MW solar project in Rajasthan. The fund is managed by the development and finance institution, ‘Norfund‘, and Norway’s largest pension fund ‘KLP‘.

The fund will invest around 2.8 billion Indian rupees (roughly $35 million) in the project.

The project, named Thar Surya 1, is being developed by the Italian firm Enel Green Power. The 420 MWDC (300 MWAC) solar park is a ground-mounted solar project. Its Construction will begin in 2022, and the plant will commence operations in 2023.

The Royal Norwegian Embassy and Consulate General in Mumbai have stated that the solar project will produce 750 GWh annually, once completed. It will also help India mitigate 6,15,000 tons of carbon emissions annually.

In 2020, Enel Green Power entered a long-term joint investment partnership with Norfund, intending to set up renewable energy projects in India.

Moreover, the Climate Investment Fund has planned to invest $1 billion (80 billion Indian rupees) in potential markets worldwide, over the next five years. The Norwegian embassy has described India as the priority market for this investment.

“Norway and India are partners in the global energy transition. Through the Climate Investment Fund, managed by Norfund, Norway is delivering on its climate finance commitments while contributing to India’s energy security and clean power supply.” Norwegian Ambassador Hans Jacob Frydenlund has stated.

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Resource: CNBC

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