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					</table><p>Norway&#8217;s Climate Investment Fund, managed by <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a>, and <a href="https://www.klp.no/en" target="_blank" rel="noopener">KLP</a>, the largest pension company in Norway, through their joint venture KNI India, have invested approximately NOK 317 million (~$30 million) in equity capital and up to NOK 530 million (~$50 million) in loan guarantees for a 168 MW wind power project developed by <a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a> in Gujarat.</p>
<p>The wind project, which is already operational, is expected to generate approximately 700 GWh of clean energy per year and mitigate around 573,000 tons of CO2 emissions annually.</p>
<p>The wind project represents the third collaboration between the Climate Investment Fund and KLP, further solidifying their partnership. The Climate Investment Fund owns 51% and KLP 49% of the joint investment partnership &#8211; KNI India.</p>
<p>Norfund and Enel Green Power <a href="https://www.mercomindia.com/enel-green-power-partners-with-norfund" target="_blank" rel="noopener">established</a> a joint investment agreement for renewable energy projects in India in July 2020.</p>
<p>Following their collaboration on the 420 MW Thar solar project <a href="https://www.mercomindia.com/norways-climate-investment-49-stake-solar-project-rajasthan" target="_blank" rel="noopener">announced</a> in August 2022, Gujarat state&#8217;s 168 MW wind project marks their second venture together. The wind project has secured a 25-year power purchase agreement through a government auction, ensuring a stable revenue stream.</p>
<p>The investment in India aligns with the country&#8217;s urgent need to expand its energy sector, with plans to add a power system comparable to the current production capacity of the European Union over the next two decades.</p>
<p>Tellef Thorleifsson, CEO of Norfund, emphasizes the importance of mobilizing capital for renewable investments in India to support its sustainable growth trajectory.</p>
<p>In its inaugural year, the Climate Investment Fund has committed a total of NOK 2.14 billion (~$200 million), enabling projects to avoid an estimated 6.2 million tons of CO2 emissions annually, equivalent to 13% of Norway&#8217;s total emissions. With the Norway government planning to allocate NOK 10 billion (~$940 million) to the fund over the next five years, this initiative is crucial in financing sustainable projects and reducing greenhouse gas emissions.</p>
<p>Recently, Norfund <a href="https://mercomindia.com/norfund-to-million-in-indian-waste-to-energy-company-sael/" target="_blank" rel="noopener">said</a> it would invest about NOK600 million (~$60.5 million) in the Indian solar and agricultural waste-to-energy company SAEL. The investment will help SAEL support its target of growing its renewables portfolio to 3 GW by 2028 by adding 100 MW of new biomass and 400 MW of new solar capacity annually to its existing portfolio of 600 MW.</p>
<p>Earlier, Norfund and the country&#8217;s largest pension fund KLP had <a href="https://mercomindia.com/norfund-klp-acquire-49-stake-renews-transmission/" target="_blank" rel="noopener">announced</a> an investment of NOK109 million (~$10.85 million) for a 49% ownership stake in ReNew Power&#8217;s transmission project in the Koppal district of Karnataka.</p>


Norfund, KLP Invests $80 Million in Enel Green’s Wind Project in Gujarat

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