Enfinity adds 205 MW of renewable energy capacity in India


NEW DELHI: Enfinity Global, a US-based renewable energy firm, on Tuesday said it has added 205 MW of solar capacity in India through the interconnection of a 135 MW portfolio of projects in the state of Maharashtra and the acquisition of 6 operational projects from Rays Power Infra in Telangana and Karnataka.

“This capacity addition marks an important milestone on Enfinity Global’s growth strategy in India. We will continue to strengthen our market presence by developing a hybrid renewable portfolio of about 3 GW as part of our current pipeline and continue to acquire operational assets across segments,” said Sandip Agarwal, Enfinity Global CEO for India.

“We are also expanding into other sustainability areas such as water management, sustainable mobility, hydrogen generation and circular economy,” he added.

During the first half of 2022, the company built and interconnected 135 MW in 10 different solar power plants in Maharashtra. The power produced will be sold to Maharashtra State Power Generation Company (Mahagenco), which has the highest generation capacity among state power utilities in India, under a 25-year power purchase agreement (PPA).

“The 250,000 solar panels installed will generate 225 million units of electricity per year, equivalent to lighting 189,000 Indian homes and reducing about 200,000 tonnes of CO2 emissions, equivalent to the amount absorbed by 9.5 million mature trees,” it added.

The company has also acquired a 70 MW solar power portfolio from Rays Power Infra, a Rajasthan-based solar developer, which includes six operational plants in Telangana and Karnataka.

The portfolio acquired in Karnataka includes 47 MW spread over three sites, while the plants acquired in Telangana comprises three other sites totaling 23 MW. All the projects have PPAs signed with state-owned power distribution companies, the company said.

The six sites total 226,000 solar panels installed, generating 108 million units of electricity sufficient to power 98,352 households and save 103,000 tons of CO2 emissions, equivalent to planting 4.9 million mature trees.

“Given their breadth of investing experience in the renewable space around the world and in India in the past, Enfinity Global was uniquely qualified for this acquisition. They are deal makers and are very innovative and flexible in deal structuring which give them a huge advantage over others. We are very excited to work with Enfinity on this acquisition and many more project in the future as Rays Power Infra continue to expand its operations and portfolio,” said Ketan Mehta, Managing Director, Rays Power Infra.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.



Source link