Bengaluru, Jan 4 (KNN) Norway’s climate Investment Fund has decided to invest Rs 900 million in a transmission project in Karnataka being developed by ReNew Power.

The climate investment fund is managed by Norfund, together with KLP, Norway’s largest pension company.

In partnership with ReNew Power, one of the largest renewable energy independent power producers (IPPs) in India, Norfund and KLP will invest around Rs 900 million for 49 per cent ownership stake in ReNew’s transmission project in Koppal, Karnataka with ambitions for further joint investments, read Norwegian Embassy in India statement.

“India succeeding in its green transition is key for the world to succeed in combating global warming. I’m glad Norway can contribute to enabling the expansion of renewables in India through investing in transmission lines,” said Norwegian Ambassador to India, Hans Jacob Frydenlund

Sumant Sinha, Chairman, and CEO of ReNew Power said, “Investment in the transmission sector provides synergies with our core RE portfolio and demonstrates our success in capital recycling. As a leader in India’s energy transition, we are excited to partner with Norfund and KLP to support India’s green energy transition and look forward to strengthening this partnership in the future.”

Under this partnership, the Norwegian investment will connect 2.5 GW of planned renewable power in the south to the national grid.

The project will consist of a 5 x 500 MVA 400/220 kV sub-station 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 in Karnataka (Koppal Project). Its commercial operations are expected to start in the first quarter of FY24, added the statement.

Notably, this will be the third investment of the Climate investment fund in India. The fund has already made two previous investments in India – in a large-scale solar park with Enel and in Fourth Partner Energy, India’s leading developer of distributed solar energy solutions.  (KNN Bureau)