Norway’s Climate Investment Fund (CIF) has recently signed an agreement to take a 49 per cent stake in a 420 MW solar power plant in Rajasthan, named Thar Surya 1.
It must be noted that an Italian company called Enel Green Power developed this solar energy project. And CIF, which is managed by Norfund and KLP is allocating around Rs 2.8 billion for this purchase. A statement released by the Norwegian embassy specified that the project will deliver more than 750 GWh per year. Given India’s current energy mix, the project will avoid more than 615,000 tonnes of Co2 emissions per year.
For Norway, India is a priority market for investing in green projects. In accordance, CIF plans to spend close to 1 billion USD on such projects over the next five years. Norway Minister of International Development Anne Beathe Tvinnereim said, “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.”
Norwegian Ambassador to India, Hans Jacob Frydenlund stated, “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.” Meanwhile, Norway also became a member of the International Solar Alliance, a global initiative of India.
