Dane CIP seals 1.8GW 'onshore wind-focused' development deal in India with local Viviid
'Long-term partnership' framework agreement to kick off with development of two onshore arrays with a combined capacity of 500MW as nation ramps up renewables build
Denmark’s Copenhagen Infrastructure Partners (CIP) has finalised a deal with Indian developer Viviid Renewables to advance an 1.8GW “onshore wind-focused” portfolio of projects in the latter’s home market.
The “long-term partnership” framework agreement, set up via CIP’s New Markets Fund 1, will kick off with development of two onshore wind arrays with a combined capacity of 500MW, “with additional projects expected to be developed and constructed through successor [CIP] funds”.
“Viviid will contribute projects from its extensive development pipeline to the partnership, as well as deliver key development activities up to final investment decision as well as providing design, engineering, procurement, and construction services,” said the pair in a statement, while CIP “will lead offtake sourcing, general procurement activities and the financing process while leveraging Viviid’s local experience”.
CIP associate partner Peter Sjøntoft said: “This partnership reflects India’s continuing importance as a key focus area for the [new market] fund. With this partnership we are significantly strengthening our foothold in India and look forward to working alongside [ Viviid’s] highly experienced team, combining our joint expertise to assist the green transition in the country.”
Viviid found Siddharth Mehra said : “Through this long-term partnership, we aim to further strengthen our contribution to India’s ambitious target of installing 500GW of generation capacity from renewable sources by 2030.”
India’s is targeting having 500GW of renewables in operation by 2030. As of November 2022, the nation had 41.8GW of wind and 61.9GW of solar in place, according to figures from the Ministry of New and Renewable Energy.