Mercom India’s Most Read News Stories from 2024

Punjab Awards 264 MW Solar Projects to VP Solar Generation Under KUSUM

Major Events that Impacted the Indian Solar Sector in 2024

SECI Tenders 125 MW/500 MWh Battery Energy Storage System in Kerala

Daily News Wrap-Up: APTEL Upholds Wind Power Firms’ Right to Terminate PPAs

Rajasthan Issues Empanelment Tender for 511 MW of Rooftop Solar Projects

APTEL Upholds Two Andhra Pradesh Wind Power Companies’ Right to Terminate PPAs

UltraTech Cement to Source Wind-Solar Hybrid Power from Clean Max

Daily News Wrap-Up: SECI’s 1,000 MW ISTS Solar Auction Results

Waaree to Set Up 300 MW Electrolyzer and 3.5 GWh Lithium-ion Cell Projects


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					</table><p>Norway-based wind project developer <a href="https://ventyrenergy.com/" target="_blank" rel="noopener">Ventyr</a> has won the country&#8217;s first offshore wind auction to develop the 1.5 GW Sørlige Nordsjø II in the Southern Norwegian North Sea at a tariff of NOK1.15 (~$0.11)/kWh.</p>
<p>The first wind turbines for the project are expected to be operational by 2030. The project represents a critical step towards Norway&#8217;s ambitious goal of awarding 30 GW of offshore wind power by 2040.</p>
<p>The tender was <a href="https://www.mercomindia.com/norwayoffshore-wind-1-5-gw" target="_blank" rel="noopener">floated</a> in April 2023.</p>
<p>The renewable energy generation at Sørlige Nordsjø II, the first phase, was to be awarded to one applicant through pre-qualification, followed by auction.</p>
<p>The Ministry of Petroleum and Energy said it would propose to Parliament for authorization to enter a two-sided contract for the difference of renewable energy production at sea from Sørlige Nordsjø II, first phase. An upper ceiling will limit any state funding.</p>
<p>Ventyr is a partnership between the Belgium-based offshore wind developer and operator <a href="https://parkwind.eu/" target="_blank" rel="noopener">Parkwind</a>, which is owned by JERA, a Japanese energy company, and <a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Investments</a>, the investment arm of Ingka Group, the largest IKEA retailer.</p>
<p>The consortium has a strategic partnership with NorSea, the Norwegian owner of strategic port infrastructure and provider of port services, base, and logistics solutions to customers in various industries, including offshore wind.</p>
<p>&#8220;We are thrilled to have secured the winning bid for the Sørlige Nordsjø II project,&#8221; said Jorne Bluekens, Project Manager at Ventyr. &#8220;This achievement underscores our commitment to driving positive change through renewable energy innovation. We look forward to working closely with our partners and stakeholders to bring this project to fruition and deliver tangible benefits to the local community.&#8221;</p>
<p>Other participants in the auction included:</p>
<ul>
<li>A group comprising Aker Offshore Wind, BP, and Statkraft</li>
<li>A partnership of Equinor and RWE</li>
<li>A consortium consisting of Shell, Lyse, and Eviny</li>
<li>Norseman Wind</li>
</ul>
<p>In February, the Solar Energy Corporation of India, on behalf of the National Institute of Wind Energy, <a href="https://www.mercomindia.com/seci-invites-offshore-wind-projects-in-tamil-nadu" target="_blank" rel="noopener">invited</a> bids to allocate sea-bed lease rights for 4 GW offshore wind power projects on a build-own-operate basis.</p>
<p>Last December, the Ministry of External Affairs in India <a href="https://www.mercomindia.com/rules-leasing-offshore-wind-sites" target="_blank" rel="noopener">notified</a> rules for leasing offshore wind energy sites.</p>
<p>The offshore wind industry <a href="https://www.mercomindia.com/global-offshore-wind-year-ever-adds-8-8-gw-in-2022/" target="_blank" rel="noopener">achieved</a> notable growth by adding 8.8 GW of new capacity to the grid in 2022, the second-best performance ever, according to the Global Wind Energy Council&#8217;s &#8220;Global Offshore Wind Report for 2023.&#8221;</p>


Ventyr Wins Norway’s 1.5 GW Offshore Wind Auction at $0.11/kWh


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					</table><p><a href="https://www.sael.co/" target="_blank" rel="noopener">SAEL</a>, an India-based solar and agricultural waste-to-energy company, raised $1 billion in a funding round involving <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a>, the U.S. <a href="https://www.dfc.gov/" target="_blank" rel="noopener">Development Finance Corporation</a>, the Asian Development Bank (<a href="https://www.adb.org/" target="_blank" rel="noopener">ADB</a>), <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Cleantech</a>, and other financial institutions.</p>
<p>Out of the total, ADB approved a ₹12.23 billion ($147 million) loan for a 400 MW solar project in Gujarat, and Tata Capital provided financing of ₹6.11 billion ($73.4 million).</p>
<p>ADB led the financial structuring and mobilized domestic private capital</p>
<p>The company said the investment will be used to expand its solar and biomass projects, taking advantage of the favorable market conditions and government programs in the renewable energy sector.</p>
<p>SAEL is set to construct and manage a solar power project in the Khavda Ultra Mega Solar Park, Gujarat, India. The electricity generated will be provided to Gujarat Urja Vikas Nigam (GUVNL) under a 25-year purchase agreement.</p>
<p>The plant is expected to generate an average of 953 GWh of clean energy annually, preventing approximately 783,855 tons of carbon dioxide emissions each year.</p>
<p>SAEL has planned an expansion with a capital expenditure goal of ₹150 billion (~$1.8 billion) in FY25. The company aims to execute 2-2.5 GW of renewable capacity every year to reach a target of 10 GW in the next four years.</p>
<p>The company has a portfolio of 2.7 GW.</p>
<p>Jasbir Singh, Chairman and Managing Director of SAEL, said the support of investors reflected the company’s commitment to advancing renewable energy initiatives.</p>
<p>He reiterated SAEL&#8217;s focus on solar and waste-to-energy projects.</p>
<p>Norfund’s CEO, Tellef Thorleifsson, said the funding was in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund.</p>
<p>Deputy Chief of the U.S. Mission in India, Patricia Lacina, highlighted the collaborative vision between her country and India to deploy clean energy at scale, expressing confidence that DFC’s investment in SAEL would contribute to increased renewable energy capacity, reduced particulate matter, and support for enhanced farmer incomes.</p>
<p>In March 2023, SAEL <a href="https://www.mercomindia.com/adb-loan-%e2%82%b97-5-billion-sael-74-5-mw-biomass" target="_blank" rel="noopener">signed</a> loan agreements with the Asian Development Bank for up to ₹7.5 billion (~$91.16 million) to promote biomass energy generation using agricultural residue. The funding will support the construction of five 14.9 MW biomass power projects in the Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar districts of Rajasthan.</p>
<p>In April, The company <a href="https://www.mercomindia.com/sael-raises-%e2%82%b913-3-portfolio-via-bond-issue" target="_blank" rel="noopener">raised</a> ₹13.25 Billion (~$159.38 million) via the sale of rupee bonds, which will mature in 2033.</p>
<p>Earlier, SAEL <a href="https://www.mercomindia.com/sael-renew-eden-jakson-winners-secis-solar-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to set up 2 GW of interstate transmission system solar projects (Tranche XI), bagging a capacity of 600 MW for a quoted price of ₹2.60 (~$0.032)/kWh.</p>


SAEL Secures $1 Billion Funding for Renewable Energy Expansion


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					</table><p><a href="https://www.recgroup.com/en/home-solar-panels-commercial-utility-scale-solar-solutions" target="_blank" rel="noopener">REC Solar Holdings</a>, a 100% step-down subsidiary of Reliance Industries, has entered into a share purchase agreement with Norway-based <a href="https://www.elkem.com/" target="_blank" rel="noopener">Elkem</a> to sell a 100% equity stake in REC Solar Norway for an aggregate cash consideration of ₹22 million.</p>
<p>REC Norway is in the business of manufacturing kerf-based polysilicon in Norway. Elkem is a silicon-based material provider listed on the Oslo Stock Exchange.</p>
<p>This transaction will give Elkem control of industrial areas and facilities in Norway, including areas next to Elkem’s activities at Fiskaa in Kristiansand. Elkem plans to leverage these areas to pursue new and support existing opportunities rather than re-starting REC Solar Norway’s previous business model.</p>
<p>“Through this agreement, Elkem secures control of industrial areas and facilities in Kristiansand and at Herøya. This will give us the opportunity to gain local synergies and further develop the Fiskaa site. The transaction will also provide access to attractive facilities for testing and optimization of products and green production processes near our research center in Kristiansand,” said Håvard Moe, Elkem’s senior vice president for Technology.</p>
<p>RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based polysilicon.</p>
<p>The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed by April 2024. Upon completion of the sale, REC Norway will cease to be a subsidiary of REC Solar Holdings.</p>
<p>REC Solar Holdings and its other subsidiaries, engaged in the business of manufacturing and sale of Heterojunction technology (HJT) solar cells and modules, will continue to be Reliance’s subsidiaries.</p>
<p>Reliance New Energy Solar <a href="https://www.mercomindia.com/reliance-acquires-rec-solar-holding/" target="_blank" rel="noopener">acquired</a> REC Solar Holdings from China National Bluestar Group for $771 million in October 2021.</p>
<p>Reliance New Energy also <a href="https://www.mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million/" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency.</p>
<p>You can also <a href="https://www.mercomindia.com/indias-top-five-solar-energy-funding-infographics/" target="_blank" rel="noopener">check</a> the top five funding deals in the solar sector in India during 2023, according to Mercom’s Q3 2023 India Solar Market Update.</p>


Reliance Subsidiary REC Solar Holdings to Sell REC Solar Norway for $22 Million


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					</table><p>Norway-based independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> reported a net profit of NOK95 million (~$8.5 million) in the third quarter (Q3) of 2023, a decrease of 72% year-over-year (YoY) from NOK335 million (~$30 million).</p>
<p>The decline in net profit can be attributed to the significant increase in operating expenses, which rose by NOK55 million (~$4.9 million) to reach NOK250 million (~$22.4 million) compared to the corresponding quarter in the previous year. The primary driver of this increase is an accrual of NOK40 million (~$3.6 million) associated with a claim from the National Irrigation Administration in the Philippines related to water fee charges for previous periods related to the lease of the Magat Dam.</p>
<p>Furthermore, the uptick in operating expenses for the quarter can also be ascribed to the adverse impact of foreign currency fluctuations.</p>
<p>The company’s revenue stood at NOK947 million (~$85 million), a 19% YoY decrease from NOK1.16 billion (~$104.4 million).</p>
<p>This decrease is primarily due to reduced revenues in the Philippines, stemming from decreased production, lower prices, and limited ancillary services. Net income from joint ventures and associated companies was NOK 143 million (~$12.8 million) in the quarter, a decrease of NOK236 million (~$21 million) compared to the same quarter the previous year, largely driven by reduced net income from the Philippines. Revenues in South Africa also declined due to the sale of the 258 MW Upington power project in the second quarter.</p>
<p>Scatec recorded earnings before interest, taxes, depreciation, and amortization of NOK686 million (~$61.5 million), a 22% YoY decrease from NOK 886 million (~$79.5 million).</p>
<p>“We take pride in our progress since our capital markets update and in recent months. Our dedicated team is committed to driving transformative change through world-class renewable energy initiatives spanning South Africa, the Philippines, and Brazil. Scatec has realized significant renewable growth through our highest construction activity ever, and the projects have strong economics with robust returns and attractive gross margins,” said Scatec CEO Terje Pilskog.</p>
<p>In July, Scatec <a href="https://www.mercomindia.com/project-finance-brief-maxsolar-secures-solar-projects" target="_blank" rel="noopener">signed</a> an agreement with Globeleq, an independent power producer, to sell its 52.5% equity share in the 40 MW Mocuba solar power project in Mozambique for $8.5 million. The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019.</p>
<p>Scatec <a href="https://www.mercomindia.com/scatec-profit-q2-increased-project-development/" target="_blank" rel="noopener">reported</a> a net profit of NOK402 million (~$36 million) in Q2 2023, a significant improvement from the loss of NOK68 million (~$6.1 million) in Q2 2022, on higher income from renewable power generation and project development.</p>


Scatec’s Net Profit Falls 72% YoY in Q3 as Operating Expenses Surge


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					</table><p>Norway-based independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> reported a net profit of NOK402 million (~$38.07 million) in the second quarter (Q2) of 2023, a significant improvement from the loss of NOK68 million (~$6.44 million) in Q2 2022, on higher income from renewable power generation and project development.</p>
<p>The company’s revenue increased to NOK1.23 billion (~$116.49 million), a 47% YoY increase from NOK836 million (~$79.17 million).</p>
<p>The revenue spike was driven by the increased YoY difference in power production revenue. The company stated that the revenue from power production for 2022 was adjusted due to a change in the company accounting policy, which resulted in the increased difference even with lesser power generated during the quarter.</p>
<p>The power production reached 873 GWh in the second quarter compared to 916 GWh in the same quarter last year.</p>
<p>The company owns and operates solar, wind, hydro, green hydrogen, and battery energy storage projects across the globe.</p>
<p>The total project portfolio stood at 17,520 MW, with 3,124 MW in operation, 1,271 MW under construction, 953 MW as project backlog, and 12,172 under pipeline projects.</p>
<p>The company recorded a gain of NOK315 million (~$29.83 million) related to the strategic sale of Upington solar projects in South Africa, NOK76 million (~$7.2 million) in increased revenues in Ukraine and foreign currency effects. It was partly offset by NOK95 million (~$9 million) in reduced revenues in the Philippines, driven by 25% lower production and the absence of ancillary services.</p>
<p>The sharp increase in development and construction revenues in the second quarter was due to the high accumulated progress of the projects under construction in South Africa, Brazil, and Pakistan.</p>
<p>Scatec recognized an impairment charge of NOK350 million (~$33.14 million) for its joint venture project with Equinor in Argentina in the quarter.</p>
<p>The company recorded an EBITDA of NOK904 million (~$85.62 million), a 65.27% YoY increase from NOK547 million (~$51.81 million).</p>
<p>Commenting on the quarterly results, Scatec CEO Terje Pilskog said, “It has been a busy quarter with a lot of advancement for our business, and I am pleased to see construction activities on all three of our large projects continue to progress according to plan. During the quarter, we continued to execute on our strategy that we presented to the market almost a year ago. We closed the NOK546 million (~$51.71 million) divestment of the Upington solar plants in South Africa and reached financial close for the NOK2.9 billion (~$274.64 million) Grootfontein solar project in the Western Cape of South Africa. We also maintained our focus on efficiency initiatives and finalized a major part of our cost control program launched in May this year.”</p>
<p><strong>1H 2023</strong></p>
<p>Scatec reported a net profit of NOK304 million (~$28.79 million) for the first half (1H) of 2023, as compared to the loss of NOK1.13 billion (~$107.03 million) in 1H 2022.</p>
<p>The consolidated revenue for 1H 2023 was NOK2.15 billion (~$203.61 million), a 34.3% increase from NOK1.6 billion (~$151.52 million) during the same period last year.</p>
<p>The power production from January to June reached 1,757 GWh compared to 1,784 GWh YoY.</p>
<p>During the first half of 2023, Scatec discontinued the development of projects in Brazil, Oman, and Madagascar and recognized an impairment charge of NOK55 million (~$5.21 million).</p>
<p>The EBITDA during 1H 2023 increased by 56% YoY to NOK1.53 billion (~$144.88 million) from NOK981 million (~$92.89 million).</p>
<p>In July, Scatec <a href="https://www.mercomindia.com/project-finance-brief-maxsolar-secures-solar-projects" target="_blank" rel="noopener">signed</a> an agreement with Globeleq, an independent power producer, to sell its 52.5% equity share in the 40 MW Mocuba solar power project in Mozambique for $8.5 million. The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019.</p>
<p>Scatec’s total revenue in Q1 2023 <a href="https://www.mercomindia.com/scatecs-q1-million-on-higher-power-production" target="_blank" rel="noopener">rose</a> 21% YoY to NOK919 million (~$87 million), primarily driven by higher hydropower production in the Philippines.</p>


Scatec Posts a Profit of $38 Million in Q2 on Increased Project Development


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					</table><p><a href="https://www.regjeringen.no/" target="_blank" rel="noopener">Norway</a> has invited bids for offshore wind projects worth at least 1.5 GW, which can be expanded by another 2.25 GW depending on the conclusion of the ongoing survey.</p>
<p>The Norwegian government said that the announcement of bids was the first big step towards its ambition of allocating areas for 30 GW (the country’s total power production last year) offshore wind capacity by 2040.</p>
<p>A government statement said that the Ministry of Petroleum and Energy is announcing a competition for renewable energy production at sea in two areas on the Norwegian continental shelf: Sørlige Nordsjø II and Utsira Nord.</p>
<p>The application deadline for Sørlige Nordsjø II is August 4, 2023, and for Utsira Nord is September 1, 2023.</p>
<p>Renewable energy generation at Sørlige Nordsjø II, the first phase, will be awarded to one applicant through pre-qualification, followed by auction. The area will be awarded by the end of the year.</p>
<p>However, the government did not specify the capacity for projects in Sørlige Nordsjø II.</p>
<p>In the pre-qualification, the applicants must document their satisfactory technical competence and financial strength and meet relevant health, environment, and safety requirements.</p>
<p>The auction will have a minimum of six and a maximum of eight applicants.</p>
<p>The Ministry of Petroleum and Energy will propose to Parliament for authorization to enter a two-sided contract for the difference of renewable energy production at sea from Sørlige Nordsjø II, first phase. Any state funding will be limited by an upper ceiling.</p>
<p>Sørlige Nordsjø II, the first phase, will be awarded by action, which would be modeled on the British auction with open bidding.</p>
<p>The second set of projects at Utsira Nord has been opened for a capacity of 1.5 GW. Three projects will be allocated a project area based on the qualitative criteria.</p>
<p>Among other things, the criteria for the award will facilitate innovation and technology development in floating offshore wind.</p>
<p>The award of projects will take place by the end of 2023.</p>
<p>Further, if the operation of identifying new areas and capacity expansion in the zone concludes, the capacity on offer could be expanded by 750 MW for each project.</p>
<p>After the areas have been allocated, the developers will conduct an impact assessment and develop them further before a competition for state funding is carried out.</p>
<p>The government will propose to the Parliament that two out of three projects receive support for 500 MW each. They will be allowed the option to build 750 MW capacity.</p>
<p>“The project that does not receive state funding will retain the right to the area for a period and may use the public support system and will be able to participate in possible future competitions such as state funding for offshore wind,” the government statement said.</p>
<p>Last month, <a href="https://www.mercomindia.com/germany-invites-bids-offshore-wind" target="_blank" rel="noopener">Germany’s</a> Federal Network Agency launched a new offshore wind auction to install 1.8 GW of offshore wind power projects in the North Sea, with an expected grid connection date of 2028.</p>
<p>Earlier, Global Wind Energy Council’s report ‘Floating Offshore Wind – a Global Opportunity’ said that Ireland, Italy, Morocco, the Philippines, and the U.S. could <a href="https://www.mercomindia.com/gwec-next-wave-floating-offshore-wind" target="_blank" rel="noopener">spearhead</a> the next wave of floating offshore wind development.</p>


Norway Invites Bids for Developing Offshore Wind Projects of at least 1.5 GW


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					</table><p>The market for electric vehicles (EVs) expanded further in Norway in 2022 with <a href="https://ofv.no/" target="_blank" rel="noopener">Norway’s Road Traffic Information Council</a> data showing that 79.3% of all new passenger vehicles sold were electric, up from 64.5% in 2021.</p>
<p>The number of electric cars sold stood at 138,265 out of the total sales of 174,329 last year.</p>
<p>The clamor for EVs was attributed to an expectation of a new weight tax and value-added tax (VAT) on EVs for the part of the price that exceeds NOK 500,000 (~$50,713), to be imposed in the new year.</p>
<p>Council’s Director Øyvind Solberg Thorsen said, “Almost 40,000 first-time registered new passenger cars in December alone, means that just over 22% of the entire year&#8217;s new car registrations were made during the last month of the year. Altogether, there were only 1,947 new cars that separate 2022 from the record year 2021.”</p>
<p>Increased demand for EVs also resulted in a 16.2% and 23.3% drop in sales of petrol and diesel cars, respectively. The proportion of new petrol and diesel passenger cars registered for the first time in 2022 totaled 6.7%. The registrations for the new plug-in petrol hybrids in 2022 stood at 14,336 which is 60.8% fewer than in 2021.</p>
<p>EV makers like Tesla, Volkswagen, Volvo, BMW, and Skoda among others emerged as the most preferred brands among Norwegian buyers.</p>
<p>Thorsen said, “Although a record number of people got a new car in December, it is clear that many who ordered a car a long time ago will not receive the car until 2023 &#8211; and then with new taxes on top. The government was not willing to give everyone, who had already ordered a new car before the proposal for the state budget for 2023 became known, an exemption from the new taxes.”</p>
<p>Norway was one of the 16 countries that earlier this year <a href="https://mercomindia.com/16-countries-pledge-94-billion-renewable-demonstration-projects/" target="_blank" rel="noopener">committed</a> $94 billion for clean energy demonstration projects worldwide, at the first-ever Global Clean Energy Action Forum in Pittsburgh.</p>
<p>Last May, the International Energy Agency said that lithium rates <a href="https://mercomindia.com/ev-battery-supply-chains-stressed/" target="_blank" rel="noopener">peaked</a> over seven times from May 2021 tightening the global EV battery supply chain. The demand for automotive lithium-ion batteries reached 340 GWh in 2021, more than twice the demand in 2020, primarily driven by the increase in electric passenger cars, which observed a 120% surge in registrations last year.</p>


Norway EV Sales in 2022 Surged on Expectations of Higher Taxes in New Year


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					</table><p>Norwegian Climate Investment Fund, managed by development and finance institution <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a> and Norway’s largest pension Fund <a href="https://www.klp.no/en" target="_blank" rel="noopener">KLP</a>, signed an agreement to acquire a 49% stake in a 420 MW solar power project in Rajasthan.</p>
<p>Developed by Italian gas and power utility company <a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a>, the estimated cost of the project named Thar Surya 1 is ₹2.8 billion (~$35 million). The project will help India mitigate more than 615,000 tons of carbon emissions annually.</p>
<p>In 2020, Enel Green Power <a href="https://mercomindia.com/enel-green-power-partners-with-norfund/" target="_blank" rel="noopener">entered</a> into a long-term, joint investment partnership with Norfund to set up renewable energy projects in India.</p>
<p>According to an official statement by the Royal Norwegian Embassy based in New Delhi and Consulate General in Mumbai, the solar project will deliver over 750 GWh annually once it is completed and operationalized.</p>
<p>Norwegian Ambassador Hans Jacob Frydenlund asserted, “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.”</p>
<p>Norfund’s CEO Tellef Thorleifsson observed, “This is the first investment we are making with Enel, and together we have great ambitions to contribute with similar investments in India in the years to come.”</p>
<p>The climate investment fund will allocate ₹81 billion (~$1 billion) to potential markets worldwide over the next five years, with India being a priority market.</p>
<p>According to Norway’s Minister of International Development Anne Beathe Tvinnereim, “This summer with extreme heat and drought in many parts of the world has shown us, more clearly than ever, that there is no time to waste in the fight against climate change. That is why it is such good news that in record time, the Climate Investment Fund’s money is already working for these crucial investments in renewable energy.”</p>
<p>CEO of KLP Sverre Thornes said, “KLP and Norfund have been investing in developing countries together for a decade, and we are very excited to enter a market like India where there is such a great need for renewable energy.”</p>
<p>In 2021, Norfund <a href="https://mercomindia.com/distributed-solar-company-fourth-partner-energy/" target="_blank" rel="noopener">invested</a> $100 million in Hyderabad-based solar company Fourth Partner Energy.</p>


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