Enfinity Global Adds 205 MW in its Renewable Energy Portfolio in India
US-based Enfinity Global has added an aggregate 205 MW of solar capacity in its renewable energy portfolio in India through the interconnection of a 135 MW portfolio in Maharashtra along with the acquisition of six operational projects with 70 MW capacity from Rays Power Infra in the states of Telangana and Karnataka.
November 22, 2022. By Manu Tayal
Commenting on the development, Sandip Agarwal, Enfinity Global CEO for India, said “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. We are also expanding into other sustainability areas such as water management, sustainable mobility, hydrogen generation and circular economy.”
During H1 2022, the company built and interconnected 135 MW in 10 different solar power plants in Maharashtra. These projects constitute one of the largest portfolios built by any company under the state’s prestigious Mukhyamantri Saur Krishi Vahini Yojana, which seeks to push forward India’s Agri-PV growth and provide day time power to the local farmers, while contributing to a more sustainable agricultural activity.
The power produced would be sold to Maharashtra State Power Generation Company (Mahagenco), which has the highest generation capacity amongst all 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 some 200,000 tons of CO2 emissions, equivalent to the amount absorbed by 9.5 million mature trees.
The 70 MW solar power portfolio acquired by Enfinity Global includes 47MW in Karnataka spread over three sites, while the plants acquired in Telangana comprise 3 other sites totaling 23 MW. All the projects have PPAs signed with state-owned power distribution companies.
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 continues to expand its operations and portfolio,” said Ketan Mehta, Managing Director, Rays Power Infra.
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