Enfinity Global said on Thursday, that, it has signed $135 million in financing for the development and construction of 1.2 gigawatts (GW) of solar and wind projects in India.

The financing, is being provided by Canada Pension Plan Investment Board (CPP Investments), through subsidiaries of CPPIB Credit Investments, the US-based renewable energy and sustainability services company said.

The projects in this portfolio are spread across Maharashtra, Delhi, Karnataka, Rajasthan as well as Uttar Pradesh and are in advanced stages of development, it added.

These projects are expected to be commissioned between 2025 and 2026. Once interconnected, they are projected to generate 2.4 GWh of clean electricity annually, enough to power over two million Indian homes and offset 2.6 million tonnes of CO2 emissions.

“Renewable energy is at the core of India’s economic growth plans as a key driver of competitiveness. Enfinity Global, is delighted to partner with CPP Investments, one of the most respected global investors, in bringing clean energy to power India’s future,” Enfinity Global CEO, Carlos Domenech said.

CPP Investments Managing Director, Head of Real Assets Credit, Geoffrey Souter said,“Solar and wind power, are two vital renewable energy sources and India offers a strong pipeline for such opportunities. We are pleased to partner with Enfinity Global on these projects by providing long-term and flexible capital that we believe, will provide a promising source of long-returns for the CPP Fund.”

This financing, reiterates Enfinity’s long-term commitment to India and its ability to attract foreign capital and promote local know-how, to support national decarbonisation targets. It owns and operates a portfolio of 240 megawatt (MW) solar plants in India, with over 1.5 GWs under development.

Over the next three years, Enfinity plans to develop and commission renewable power plants to supply over 5 GWh of clean electricity annually, including through Power Purchase Agreements (PPAs).

Enfinity also intends to diversify its business to deliver other net-zero solutions for the Indian and global market through energy storage, hybrid renewable energy production, green ammonia, water treatment and other emerging circular economy technologies.