India– 10th January 2024 Copenhagen Infrastructure Partners (CIP) through its Growth Markets Fund I (CI GMF I) have taken the final investment decision (FID) on a 300 MW onshore wind project in India together with Viviid Renewables (Viviid), an Indian developer and balance-of-plant service provider. The project is located at Karnataka with favorable wind conditions, good site accessibility, and an existing grid connection in relative proximity and construction is expected to be completed by the end of 2025.
CIP and Viviid will develop and construct the wind farm jointly. Alongside the FID, CIP has signed a turbine supply agreement for the EN 156 3.3MW turbines with Envision Wind Power Technologies India Private Limited and a foundation and crane supply contract with Sanghvi Movers. Vivid will provide balance-of-plant works and services and hold minority ownership in the project.
“Achieving FID is a significant milestone for CIP and for our partnership with Viviid. It is testament to our industrial approach and ability to deliver large scale renewable energy projects with highly competent partners”, said Peter Sjøntoft, Associate Partner in CIP. “We look forward to continuing the successful collaboration and realizing these projects which contribute to local growth and job creation while delivering attractive returns for our fund investors.”
India targets 500 GW of renewable energy capacity by 2030, up by 250 GW today, and is a core market for CIP and CI GMF. Since entering the Indian market in 2021, CIP has partnered with AmpIn Energy Transition and Viviid and opened an office in Mumbai. CIP intends to continue to grow its activities in the Indian market with existing and new potential partners and expects to build and commission several GW of renewable generation capacity over the coming years. CIP also explores opportunities in adjacent technologies such as offshore/nearshore wind, hydrogen, and other related projects.
RPV Prasad, CEO, Envision Wind Power Technologies India said, “It is a proud moment for us as we partner with CIP to leverage the enormous wind energy potential in Karnataka. As part of our commitment to the Atmanirbhar Bharat vision, we would be assembling the Nacelle and Hubs at our Pune factory, Blades from our own / vendors factory, and sourcing tower components from our manufacturers in Maharashtra. The booming Indian wind energy landscape would play a pivotal role in propelling the country towards net-zero.”
Mr. Kane Xu, Global Vice President of Envision Energy and Chairman of Envision Energy India, said, “It has become imperative for us to collaborate and accelerate green energy transition to avert the climate crisis. This partnership is a testament to our long-term commitment in solving the challenges for a sustainable future. Together, we can develop reliable renewable energy solutions in India.”
In India, Envision has successfully installed over 650MW of wind projects and has been awarded >5.5 GW of projects by its esteemed customers. To maintain this growth trend, the company has investment INR 500 crore to establish an annual manufacturing capacity of 3GW for Nacelle & Hub in Pune, and a 2.5GW capacity for blades featuring 9 molds at its Trichy plant. Envision has strengthened its presence in India across 6+ States for 15+ customers and 24+ project sites.