Norwegian Climate Fund to invest in Gujarat’s wind power plant
POWER & RENEWABLE ENERGY

Norwegian Climate Fund to invest in Gujarat’s wind power plant

The Norwegian Climate Investment fund, managed by Norfund, and KLP, Norway’s largest pension company, together has committed equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India.

Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 59 GW of installed renewable capacity in Europe, Asia, Africa and the Americas. In July 2020, Norfund and Enel Green Power entered into a joint investment agreement for renewable energy projects in India. The first project together, the 420 MW Thar solar plant, was announced in August 2022.

This second project is a 168 MW wind project in Gujarat. As with Thar, Enel Green Power was awarded the rights to sell power under a government auction and has a 25-year power purchase agreement. Via the investment partnership KNI India, Norfund brings along KLP, Norway’s biggest pension company, with joint commitments of ca NOK 317 million (INR 2,4 billion) in equity capital and loan guarantees up to NOK 530 million (INR 4 billion) towards the construction of the project. (The Climate Investment Fund owns 51% and KLP 49% of KNI India).

The plant, which has been put into operation, is expected to produce ca 700 GWh per annum. Given India’s current energy sources, with a considerable proportion coming from coal, the project will avoid ca 573,000 tons CO2 per annum*.

The investment is the fourth made under the Climate Mandate in India, the country with the world’s greatest need for growth in the energy sector. To meet growth in electricity demand over the next twenty years, India will need to add a power system the size of the current EU production, according to the IEA. In 2022, India’s power output grew at the fastest pace in 33 years, and coal-fired power output grew by a staggering 12.4%. That also meant that emissions from power generation rose by nearly a sixth, to 1.15 billion tons, according to a Reuters analysis.

The Norwegian Climate Investment fund, managed by Norfund, and KLP, Norway’s largest pension company, together has committed equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India.Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 59 GW of installed renewable capacity in Europe, Asia, Africa and the Americas. In July 2020, Norfund and Enel Green Power entered into a joint investment agreement for renewable energy projects in India. The first project together, the 420 MW Thar solar plant, was announced in August 2022.This second project is a 168 MW wind project in Gujarat. As with Thar, Enel Green Power was awarded the rights to sell power under a government auction and has a 25-year power purchase agreement. Via the investment partnership KNI India, Norfund brings along KLP, Norway’s biggest pension company, with joint commitments of ca NOK 317 million (INR 2,4 billion) in equity capital and loan guarantees up to NOK 530 million (INR 4 billion) towards the construction of the project. (The Climate Investment Fund owns 51% and KLP 49% of KNI India).The plant, which has been put into operation, is expected to produce ca 700 GWh per annum. Given India’s current energy sources, with a considerable proportion coming from coal, the project will avoid ca 573,000 tons CO2 per annum*.The investment is the fourth made under the Climate Mandate in India, the country with the world’s greatest need for growth in the energy sector. To meet growth in electricity demand over the next twenty years, India will need to add a power system the size of the current EU production, according to the IEA. In 2022, India’s power output grew at the fastest pace in 33 years, and coal-fired power output grew by a staggering 12.4%. That also meant that emissions from power generation rose by nearly a sixth, to 1.15 billion tons, according to a Reuters analysis.

Next Story
Technology

Trimble honours Greenbrook as Feature Company of the Month

Trimble has named Greenbrook Engineering its 'Feature Company of the Month' for May 2025, recognising the firm’s pioneering use of construction technology and sustained innovation in steel detailing and structural engineering. Headquartered in India with operations in the US, Greenbrook is among the earliest adopters of Tekla Structures and has grown into a 300-strong team across Bangalore, Chennai, and Nashik. The company delivers complex projects, backed by a robust in-house API team that develops custom tools to support automation and precision in fabrication. Notable deliveries..

Next Story
Technology

Autodesk unveils BIM suite tailored for Indian infrastructure

Autodesk has launched a customised suite of Building Information Modelling (BIM) tools under the 'BIM Package for Viksit Bharat' initiative, aimed at accelerating India's infrastructure growth. Announced at the Autodesk Viksit Bharat Summit in New Delhi, the suite includes locally aligned versions of Autodesk Revit and Civil 3D. These integrate Indian standards, including the Delhi Schedule of Rates (DSR), Indian Road Congress (IRC), MoRTH, and Indian Railways codes, ensuring better design precision and regulatory compliance. Revit's updates will aid architects, engineers, and MEP pr..

Next Story
Infrastructure Transport

India outlines aviation growth path ahead of IPTS 2025

Ahead of the India Passenger Terminal Show (IPTS) 2025, a high-impact roundtable in Mumbai saw key stakeholders from government and industry align on future-ready airport infrastructure. With India targeting 350 airports by 2047, leaders called for digital-first, modular designs and sustainable airport ecosystems. Speakers from the Ministry of Civil Aviation, Indian Revenue Service, JLL India, Navi Mumbai Airport, dormakaba and Media Fusion discussed themes such as expanding regional air connectivity, bridging infrastructure gaps, and leveraging AI-driven tools like Digi Yatra and digital..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?