Norfund and KLP to invest in Rajasthan solar project

Norway’s Climate Investment Fund ‘Norfund’ and its leading pension company KLP will acquire 49 per cent stake in India’s 420 MW solar power plant ‘Thar Surya 1’ for an estimated Rs 2.8 billion. This is their maiden investment as part of a strategic tie-up between Norfund and Italian Enel Green Power.

Enel is the company behind the Thar Surya 1 plant in Rajasthan. When the project is up and running, it is expected to deliver a capacity of over 50 GWh per year, according to a statement from Norfund.

KLP and Norfund have jointly invested in several developing economies, with India being their newest market, and one that is in “great need for renewable energy.

Norfund will allocate 10 billion NOK over the next five years, with 1 billion NOK coming from its capital and state budgets each.