US-based private-sector power producer Enfinity Global announced this week that it has secured connectivity for 2 GW of utility-scale solar PV and wind projects in the Indian states of Rajasthan, Uttar Pradesh, Maharashtra, and Karnataka.
The combined 2 GW capacity is expected to produce electricity equivalent to powering around 4.7 million households and avoiding 49 million metric tons of CO2 annually. The power generated from these projects will be supplied to government utilities, as well as commercial and industrial (C&I) customers.
With over 1 GW of projects expected to enter the construction phase this year, including those in Maharashtra and Karnataka starting in the first quarter of 2025, Enfinity Global’s renewable energy portfolio in India now totals 3.3 GW in various stages. This includes 240 MW already operational, 2 GW with granted connectivity, and an additional 1 GW of solar PV, wind, and energy storage projects in development. In Q4 2024, the company won a 300 MW solar-wind hybrid project through competitive bidding in an auction by SJVN.
Over the next three years, Enfinity intends to develop and commission renewable power plants to supply over 5 GWh of renewable electricity annually, including through power purchase agreements (PPAs) with C&I customers.
The company is also taking significant steps to align the necessary capital to execute its portfolio in India through collaboration with national and international financial partners. In May 2024, it closed a $135 million junior financing agreement with the Canada Pension Plan Investment Board (CPP Investments) to support the development and construction of solar and wind projects across the country.
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