The Norwegian Climate Investment Fund (Norfund) and KLP, Norway’s largest pension company, have committed equity. Also guarantees for a 168 MW wind power plant developed by Enel Green Power in India. The plant is located in the state of Gujarat, is expected to generate enough electricity to power over 800,000 homes.
The venture aligns with Norfund’s Climate Investments for Tomorrow (CIT) program aims to mobilize $2 billion in investments. Reasons include climate change mitigation as well as adaptation projects in developing countries. The CIT program garners support from the Norwegian government and the European Union.
KLP’s involvement in the Enel Green Power wind plant is part of their commitment. Investment of 100 billion Norwegian krone ($12 billion) in sustainable ventures by 2025.
Anticipated to commence operations by the end of 2023. The Enel Green Power wind plant will play a pivotal role in reducing India’s dependence on fossil fuels. Additionally, it will contribute to the nation’s ambitious target of achieving net-zero emissions by 2070.
The investment yields several noteworthy benefits, including the following:
- Reducing India’s reliance on fossil fuels.
- Contributing to India’s goal of achieving net-zero emissions by 2070.
- Creating employment opportunities in the renewable energy sector.
- Improving air quality in India.
This investment serves as a win-win scenario for both Norway and India. Not only will it assist Norway in reaching its climate objectives. Though it will also aid India in developing its renewable energy sector, fostering sustainable growth. Norway is also under immensely promoting renewable energy source.
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