Picture credits: Cytonn Photography on Unsplash

Enel Green Power (EGP), through its Indian subsidiary Enel Green Power India (EGP India) has signed a long-term agreement with Norfund, a Norwegian investment fund for developing countries, to jointly finance, build and operate new renewable energy projects in India.

The agreement is a collaborative investment framework under which 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, thus becoming equity partner with EGP India in the project. In addition, EGP India will support each project by providing technical services starting from the preliminary development activities.

The renewable energy projects are in line with the sustainability, decarbonization and renewables targets of both the partners and aim at boosting the development of a clean energy footprint in India. The Indian government has ambitious renewable energy targets and is committed to set up 100 GW of solar and 60 GW of wind power generation capacity by 2022, up from around 35 GW of solar and about 38 GW of wind capacity set up currently.