India has a lofty goal of reaching 175 GW of renewable energy capacity this year, excluding huge hydro.
India, which is expected to surpass China as the world’s most populated nation, is referred to as a priority market” by the Norwegian Embassy.
The Thar Surya 1 project is being built by the Italian company Enel Green Power in Rajasthan, India.
KLP, Norway’s largest pension provider, and the Climate Investment Fund will both make investments in Rajasthan, India’s 420-megawatt solar power project.
For a 49% ownership in the Thar Surya 1 project, which is being built by the Italian company Enel Green Power, the two companies will contribute about 2.8 billion Indian rupees (approximately $35 million).
The Climate Investment Fund will distribute 10 billion Norwegian Kroner (about $1 billion) to projects over the next five years, according to a statement from the Norwegian Embassy in India.
India, which is anticipated to surpass China as the world’s most populous nation next year, was also referred to as a “priority market” by the embassy.
This occurs at the same time that Norfund, the manager of the Climate Investment Fund and a development finance institution based in Norway, has partnered with Enel Green Power to make strategic investments in India.
According to Tellef Thorleifsson, CEO of Norfund, in a statement released on Monday, “This is the first investment we are making with Enel, and together we have tremendous plans to contribute with similar investments in India in the years to come.
Despite investing in renewable energy initiatives, Norway is a significant exporter of fossil fuels due to its oil and gas deposits.
According to Norwegian Petroleum, Norway has recently met 20% to 25% of the gas demand in the EU and the UK.
It continues, “Almost all of the oil and gas produced on the Norwegian shelf is exported, and oil and gas together exceed half of the overall value of Norwegian exports of products.
According to India’s Ministry of New and Renewable Energy, the nation’s solar power capacity has expanded from about 2.6 gigawatts to over 46 gigawatts over the past seven and a half years.
India has a lofty goal of reaching 175 GW of renewable energy capacity this year, excluding huge hydro. India’s state minister for new and renewable energy recently said that as of June 30, installed renewable energy capacity, excluding large hydro, was at 114.07 GW.
India continues to be dependent on fossil fuels despite its plans for renewable energy. According to the Ministry of Power, fossil fuels accounted for 58.5% of India’s total installed generation capacity at the end of June.
India and China, two of the biggest coal consumers in the world, insisted on a last-minute adjustment to the Glasgow Climate Pact’s language about fossil fuels from a “phase out” to a “phase down” of coal at the COP26 climate change meeting last year. Following early protests, opposing nations eventually gave in.
Indian Prime Minister Narendra Modi stated in a speech at The Energy and Resources Institute’s World Sustainable Development Summit in February 2022 that he truly thought “climate justice is essential to achieving environmental sustainability.
In the next 20 years, Modi predicted that India’s population’s energy needs will nearly quadruple. “To reject this energy would be to deny millions of people life. Successful climate action also requires sufficient funding.
Developed countries need to meet their pledges on financial and technology transfer for this, he continued.
The Norwegian interest in India’s renewable energy market is the most recent illustration of significant corporations and enterprises entering the market.
For instance, the development of offshore wind projects in India is the subject of a partnership that the German energy giant RWE and the Indian company Tata Power announced earlier this year.
Sven Utermohlen, the CEO for offshore wind at RWE Renewables, stated in a statement that “India has outstanding wind resources, which can assist to fulfil the country’s expanding energy demands.
We anticipate that India’s offshore wind business would really take off if clear regulations and a successful tendering process are in place, he said.
