British International Investment unveils USD 89m of renewables investments in India

Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic

April 7 (Renewables Now) - British International Investment (BII), the UK government's development finance institution which was previously called CDC and formally renamed this week, on Friday announced USD 89 million (EUR 81m) in investments to expand renewables in India.

BII has made a USD-47-million follow-on commitment to Fourth Partner Energy, bringing its total commitment to this renewable energy company for commercial and industrial (C&I) customers to USD 80 million. The new investment is expected to fund about 294 MW of renewable power capacity in India, Sri-Lanka, Bangladesh, Indonesia and Vietnam.

In addition, BII is providing a USD-42-million debt investment to Thar Surya 1 Pvt Ltd, an Indian subsidiary of Italy’s Enel SpA (BIT:ENEL) to support the development of a 300-MW solar project in India.

“We are pleased to put into action BII’s pledge to commit USD 1 billion in climate finance to India over the next five years,” said Srini Nagarajan, managing director and head of Asia at BII.

Vivek Subramanian, co-founder and ED at Fourth Partner Energy, said the investment is in line with the company’s expansion plans of a 3-GW portfolio of renewable energy assets across geographies by 2025. The company offers corporate customers onsite and offsite clean energy, wind-solar hybrid, energy storage and electric mobility solutions.

(USD 1 = EUR 0.915)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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