Onshore wind project Hatalageri in the State of Karnataka, India, is the first project from CIP's partnership with Viviid Renewables to reach final investment decision.
COPENHAGEN, Denmark, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP) through its Growth Markets Fund I (CI GMF I) has taken final investment decision on a 300 MW onshore wind project in India together with Viviid Renewables (Viviid), an Indian developer and balance-of-plant service provider. The project is located in the Indian State of Karnataka with favorable wind conditions, good site accessibility, and a nearby existing grid connection location. Construction is expected to be completed by the end of 2025.
CIP and Viviid will develop and construct the wind farm jointly. Alongside 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.
It will be the first project to be constructed under the partnership between CIP and Viviid, who in January 2023 entered into a framework agreement to develop at least 1.8 GW of renewable energy projects in India. CIP and Viviid have already initiated further project developments which will be realized through CI GMF I's successor fund CI GMF II.
"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. "We look forward to continuing the successful collaboration and realizing these projects which contribute to local growth and job creation while delivering attractive returns for our fund investors."
Siddharth Mehra, Founder of Viviid Renewables, added, "We are elated to embark on this first 300 MW 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 500 GW of generation capacity from renewable sources by 2030."
India is a core market for CI Growth Markets Fund 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. CIP intends to continue to grow its activities in the Indian market together with both existing and new potential partners and expects to build and commission several GW of renewable generation capacity over the coming years. Furthermore, CIP is exploring opportunities in adjacent technologies such as offshore/nearshore wind, hydrogen, and others.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The 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.
CIP manages 12 funds and has to date raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 160 international institutional investors. CIP has approximately 500 employees and 12 offices around the world. For more information, visit www.cip.com
