Norfund is investing almost 900 million kroner in an Indian solar energy company

Norfund is investing USD 100 million, equivalent to just under NOK 875 million, in the Indian solar energy company Fourth Partner Energy.

“This is an investment that will help avoid large emissions. It is a good example of investments we will be able to make with the new Climate Investment Fund that the Norwegian government launched last week,” CEO Tellef Thorleifsson in Norfund stated.

The government has set aside NOK 10 billion over five years for the Climate Investment Fund. The fund is managed by Norfund and will invest in green energy solutions in developing countries. 

The goal is to make a major investment in renewable energy, especially in countries with large emissions from coal-fired power plants.

Fourth Partner Energy is a leader in the development of solar energy solutions in India and operates with distributed solar energy, energy storage, and charging infrastructure.

“This is Norfund’s largest investment to date in India. The country alone plans to develop new energy the size of all current consumption in the EU over the next 20 years alone. It is crucial that this becomes renewable if we are to reach the 1.5-degree target, and India will therefore become a key country for the new Climate Investment Fund, Thorleifsson concluded.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

Do you have a news tip for Norway Today? We want to hear it. Get in touch at [email protected]