Enfinity Global, a renewable energy project developer, has announced financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India.

The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.

Once operational, the solar and wind farms are expected to generate 2.4 GWh of clean electricity annually – enough to power over 2 million homes while offsetting 2.6 million tons of carbon dioxide emissions.

“Renewable energy is at the core of India’s economic growth plans as a key driver of competitiveness,” stated Carlos Domenech, CEO of Enfinity Global.

“Solar and wind power are two vital renewable energy sources and India offers a strong pipeline for such opportunities.,” added Geoffrey Souter, Managing Director and Head of Real Assets Credit at CPP Investments.

Enfinity owns and operates a 240 MW solar portfolio in India, with over 1.5 GW under development. Worldwide, it owns a portfolio of 22.4 GW of renewable energy and storage projects, including operational assets, under construction, and in different stages of development.

Over the next three years, Enfinity aims to develop over 5 GW of annual clean electricity capacity in India, including through power purchase agreements. It also intends to expand into energy storage, green ammonia, water treatment and other sustainable technologies.

Earlier this month, the company secured $195 million in long-term project financing for a 70 MW solar project in Japan.

Last year, it secured €118 million (~$127.35 million) financing for constructing four utility-scale solar power projects totaling 101 MW located in the Lazio (Italy) region, which are expected to become operational in 2024.