Norway invests in transmission project in Karnataka
The new Norwegian Climate Investment Fund managed by Norfund and KLP invested $11 M into an Indian transmission project in Karanataka.
Image source: Solar Quarter
India, Karnataka: The new Norwegian Climate Investment Fund managed by Norfund and KLP invested $11 M into an Indian transmission project in Karanataka.
The project is developed by ReNew Power.
The Norwegian investment in Karnataka will connect 2.5 GW of renewable capacity connected to the national grid.
The project will consist of a 5 x 500 MVA 400/220 kV substation at Koppal with a 400 kV DC quad moose transmission line from the Koppal substation to the Narendra New substation and 400 kV GIS extension at Narendra New in Karnataka (Koppal Project). Its commercial operations are expected to start in the first quarter of FY24, added the statement.
“This investment will reduce bottlenecks in the Indian transmission system and open the way for new renewable power generation to produce electricity to meet rising Indian demand. We expect the project to both generate attractive returns and have a strong climate impact,” said Aage Schaanning, Chief Financial Officer at KLP.
Notably, this will be the third investment of the Climate investment fund in India. The fund has already made two previous investments in India – in a large-scale solar park with Enel and in Fourth Partner Energy, India’s leading developer of distributed solar energy solutions.
Source: Solar Quarter
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