Global renewables giant Enel ramped up its ambitions in India by teaming up with Norway’s development fund Norfund to finance, build and run projects there.
The agreement matches Enel’s development expertise with the remit of Norfund to back clean energy growth in developing nations, said a statement from the two.
Norfund will get the right to invest and become equity partner in Enel-developed projects in India under the terms of the deal. No targets or timeframes are specified.
The link-up comes soon after Italy-based Enel announced its biggest project yet in India after winning 420MW in a government solar tender.
Enel’s existing assets in India are confined to 172MW of wind, and the solar breakthrough marked the biggest splash yet for the Italian group in Asia, where it has negligible interests compared to its huge base in Europe and the Americas. However, Enel has signalled growing ambitions in Asian markets, with Australia and Vietnam mentioned alongside India as potential growth targets.
Antonio Cammisecra, CEO of Enel Green Power, said: "By joining forces with an important partner such as Norfund, which shares our commitment towards sustainability and decarbonisation, we will leverage on our technical expertise to harness the significant renewable growth potential of India, while contributing to the achievement of the country's sustainable energy targets.”