CIP kick-starts first wind investment under ambitious Indian partnership

Dedicated green fund manager Copenhagen Infrastructure Partners has fired the starting gun on the 300MW Hatalageri onshore wind project in India, the first project under CIP’s partnership with Viviid Renewables to reach final investment decision.

The new investment, channelled through one of CIP's Growth Market (GMF) funds, has targeted a project in the Indian state of Kanataka where CIP described "favourable wind conditions, good site accessibility, and a nearby existing grid connection location".

With the sanctioning of the final investment and construction having started already, the project is expected to be operational by the end of 2025, according to a CIP statement released today (Thursday).

"CIP and Viviid will develop and construct the wind farm jointly. Alongside the final investment decision, CIP signed equipment orders for the full project capacity and Viviid will provide balance-of-plant works and services and holds a minority ownership position in the project," the statement continued.

CIP and Viviid, an Indian developer and balance-of-plant provider, entered into a framework agreement in January 2023 to develop at least 1.8GW of renewable energy projects in India.

The pair have already initiated further project developments which will be realised through a successor GMF fund, according to CIP.

“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 at CIP.

Siddharth Mehra, founder of Viviid Renewables, added: “We are elated to embark on this first 300MW wind farm project with CIP and look forward to accelerating the development of renewable assets in India.

"Viviid will leverage its expertise in wind farm development, including balance-of-plant equipment supplies and services. 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.”

CIP described India as a core market for its Growth Markets Fund investment strategy.

Since entering the Indian market in 2021, CIP has formed partnerships with AmpIn Energy Transition and Viviid and has opened an office in Mumbai.

Funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.