The Norwegian Embassy in New Delhi said on Monday that Norfund and KLP, Norway’s largest pension company, will take a 49% stake in the Thar Surya 1 solar power project for around 2.8 billion rupees.

Norwegian Foreign Minister Anniken Huitfeldt at a solar power plant in New Delhi, also invested by NORFUND. norway.no

New Delhi: The Norwegian Climate Investment Fund, managed by Norfund and KLP, has reached an agreement to take a 49% stake in a 420 MW solar power plant in Rajasthan developed by Italy’s Enel Green Power.

The Norwegian Embassy in New Delhi said on Monday that Norfund and KLP, Norway’s largest pension company, will take a 49% stake in the Thar Surya 1 solar power project for around 2.8 billion rupees.

“Norway and India are partners in the global energy transition. Through the Climate Investment Fund, managed by Norfund, Norway is meeting its climate finance commitments while contributing to India’s energy security and clean energy supply,” the Norwegian Ambassador said. , Hans Jacob Frydenlund.

Once operational, the project will supply 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, the Norwegian embassy said in a statement.

The climate investment fund will allocate NOK 10 billion (about USD 1 billion) over the next five years, with India as a priority market.

“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 lose in the fight against climate change. That’s why it’s such good news that in record time, money from the Climate Investment Fund is already working for these crucial investments in renewable energy,” said Norwegian Minister for International Development Anne Beathe. Tvinnerheim.

According to a BloombergNEF (BNEF) report, India needs USD 233 billion in investment to meet its wind and solar energy development goals by 2030.

Norway and India at COP26

During COP26, the Norwegian Minister for Climate and Environment, Espen Barth Eide, met with the Indian Minister for Environment, Forests and Climate Change, Bhupender Yadav. During the meeting, the ministers discussed how the two countries have increasingly exploited bilateral economic and technical complementarities, and looked forward to strengthening cooperation.

Norway has also pledged to double climate finance to NOK 14 billion by 2026 at the latest.

Norway and India sign MoUs focusing on green hydrogen, green ammonia and renewables

During her visit to India, Norwegian Foreign Minister Anniken Huitfeldt met with Minister of Petroleum and Natural Gas Hardeep Singh Puri and the two leaders discussed hydrogen, renewable energy, solutions to low carbon and energy storage.

During the meetings, eight MoUs were signed, proving that energy cooperation between Norway and India grows stronger based on mutually beneficial partnerships.

The agreements on green hydrogen, green ammonia, renewable energy, fuel cells and CCS that have been signed will take the clean energy cooperation between Norway and India to a new level.

The Norwegian minister also announced his membership of the International Solar Alliance.

With contributions from agencies

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