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New Delhi [India]January 4 (ANI): The New Norway Climate Investment Fund, managed by Norfund, together with Norway’s largest pension company KLP, committed Rs 90 crore on Tuesday to the Indian power transmission project in Karanataka state being developed by ReNew Power. an investment.
“Together for #GreenTransition! Norwegian climate investment fund managed by @norfund and largest pension fund @KLPkvitrer invests INR 90 crore in @ReNew_Power transmission project in Karnataka. @CMofKarnataka @MinOfPower @mnreindia Norway -India,” the Norwegian tweeted. Ambassador to India Hans Jacob Friedenlund.
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Norfund and KLP, in partnership with ReNew Power, one of the largest renewable energy independent power producers (IPPs) in India and the world, will invest approximately Rs 90 crore to acquire 49% ownership of ReNew’s transmission project in Kopal, Karnataka, And it is ambitious to further develop the joint venture, read the statement from the Norwegian Embassy in India.
According to the IEA, to meet the growth in electricity demand over the next 20 years, India will need to add a power system the size of the European Union.
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Scaling up solar and wind will require significant investment in transmission lines to stabilize the grid and deliver energy from the regions most suitable for solar and wind parks.
“India’s successful green transition is key to the world’s success in tackling global warming. I am delighted that Norway can contribute to India’s expansion of renewable energy by investing in transmission lines,” said Frydenlund.
“Investments in the transmission sector create synergies with our core renewable energy portfolio and demonstrate our success in capital recovery. As leaders in India’s energy transition, we are delighted to partner with Norfund and KLP to support India’s green energy transition and look forward to strengthening this future partnership,” said Sumant Sinha, Chairman and CEO of ReNew Power.
Norway’s investment in Karnataka will connect 2.5 GW of renewable energy to the national grid.
“With this investment, we are contributing to the planned integration of 2.5 GW of renewable energy into the national grid in the South. We are delighted to have Norfund and the Climate Investment Fund making their first investment in this area and we look forward to strengthening our partnership with Renew partnership,” said Bjornar Baugerud, vice president of clean energy at Norfund.
The project will consist of a 5 x 500 MVA 400/220 kV substation at Koppal with 400 kV D/C quad moose transmission line from Koppal substation to Narendra New substation and 400 kV GIS Extn at Narendra New, Karnataka (Koppal Project). Its commercial operations are expected to start in the first quarter of FY24, the statement added.
“This investment will reduce bottlenecks in India’s transmission system and open the way for new renewable energy generation to meet India’s growing demand. We expect the project to generate attractive returns and have a strong climate impact, said Aage Schaanning, KLP Chief Financial Officer.
Notably, this will be the climate investment fund’s third investment in India. The fund has already made two previous investments in India – a large-scale solar park in partnership with Enel and Fourth Partner Energy, India’s leading developer of distributed solar solutions.
Operating since May, Norway’s new climate investment fund managed by Norfund will reduce and avoid emissions by investing in renewable energy in developing countries where emissions from coal power and other fossil fuels are high, the statement said.
The newly established Norway Climate Investment Fund received NOK 1 billion in the 2022 state budget, Norfund’s capital provided matching funding, and parliament has now approved a further NOK 1 billion for 2023. The fund is planned to reach NOK 10 billion for 5 years in 2023.
“Norfund has identified potential investments of more than NOK 8 billion. Our contribution is modest in the face of aggregate demand, but there is a high potential for scaling up,” Baugerud said.
ReNew is one of the largest renewable energy IPPs in India. ReNew develops, builds, owns and operates utility-scale wind, solar and hydropower projects.
As of November 1, 2022, ReNew’s total portfolio of renewable energy projects in India is approximately 13.4 GW, including commissioned and committed projects, read the statement.
According to the International Energy Agency, annual investment in renewable energy in developing countries needs to increase sevenfold from $150 billion today to more than $1 trillion between 2026 and 2030 if we are to reach the 1.5-degree limit.
Meanwhile, investment in renewable energy in those markets has fallen to the lowest level since 2016, according to a new report from Bloomberg New Energy Finance. (ANI)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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