Norway’s Climate Investment Fund invests Rs 90 crore in ReNew Company’s Karnataka transmission project

Tags: Environment Economy/Finance

According to the Norwegian embassy in India “ Norway’s Climate Investment Fund, managed by Norfund, together with Norwegian pension fund KLP, will invest Rs 90 crore in a transmission project in Karnataka being developed by ReNew Power company. “

The Norwegian fund together will hold 49% stake in the ReNew’s transmission project in Koppel, Karnataka.

The Norwegian investment in Karnataka will connect 2.5 GW of renewable capacity to the national grid.

Climate Fund Investment in India 

This will be the third investment of the Climate investment fund in India. The fund has already made two previous investments in India. It has invested in a large-scale solar park being developed by the Italian Enel company in Rajasthan. It has also invested in India's leading developer of distributed solar energy solutions, Fourth Partner Energy.

Norway's new Climate Investment Fund 

 Norway's new Climate Investment Fund which became operational in May 2022 has been set up by the Norway government to invest in developing countries to encourage the transition from fossil based fuels to renewable energy sources. This is expected to reduce the emission of greenhouse gasses and slow down global warming.

It is managed by Norfund. Norfund is a Norwegian Investment Fund owned by the government of Norway and it invests in developing countries. 

ReNew Company 

ReNew is one of the largest renewable energy independent power producers globally. ReNew develops, builds, owns and operates utility-scale wind energy, solar energy and hydro projects. 

As of October 10, 2022, ReNew has a gross total portfolio of 13.4 GW of renewable energy projects across India, including commissioned and committed projects.

Founder Chairman and CEO of the Company: Sumant Sinha