JULY 20239The largest pension company in Norway, KLP, and the Norwegian Climate Investment fund, run by Norfund, have pledged ownership and guarantees for a 168 MW wind farm being built by Enel Green Power in India. Over 59 GW of installed renewable capacity are operated by Enel Green Power, a subsidiary of the Enel Group created in 2008 to develop and manage renewable power projects globally. This capacity is located in Europe, Asia, Africa, and the Americas. A joint investment agreement for renewable energy projects in India was signed by Norfund and Enel Green Power in July 2020. The 420 MW Thar solar facility was announced as the group's first project in August 2022. Gujarat's second project is a 168 MW wind farm. Similar to Thar, Enel Green Power has a 25-year power purchase agreement and was granted the ability to sell electricity through a government auction. In a world where investors appear to be pulling money away from emerging economies like India, it is imperative that we be able to mobilise additional funds towards these initiatives, according to Tellef Thorleifsson, CEO of Norfund. The most recent investment is a part of the NOK 2.14 billion in promises made in the new Climate Investment Fund's first year, which the government has stated will receive NOK 10 billion over the following five years.The fund, which started operating last year, will already support projects with avoided emissions that are expected to total 6.2 million tonnes CO2e per year*. 13 percent of Norway's yearly emissions are represented by that. The initiative that was revealed on Monday is the third investment made by the Climate Investment Fund with KLP as a co-investor. "KLP wants to boost investments that benefit the environment by at least six billion NOK annually. Sverre Thornes, CEO of KLP, expressed satisfaction that the company's efforts to increase renewable energy production are also giving our owners a profit. ONGC Petro additions Ltd (OPaL) has awarded Hindustan Petroleum Corporation Ltd (HPCL), which is expanding its presence in the natural gas market, a significant long-term contract for the delivery of natural gas. The Gujarati petrochemical facility in Dahej owned by ONGC Petro additions Ltd would receive natural gas from HPCL. Natural gas is needed by OPaL, a joint venture between ONGC, GAIL, and GSPC, to run its own captive power plant and meet its steam and electricity needs.HPCL stated that it had defeated an OPaL tender by winning the contract through competitive bidding. According to the filing, "HPCL will supply 13.53 Trillion Btu of Natural Gas to OPaL during the period from October 23 to May 26 under this contract". In addition to focusing on establishing a solid foundation in the petrochemical and fertiliser industries, HPCL has goals in the natural gas industry.HPCL disclosed to the stock that it has a contract with Automin Car Services Pvt Ltd, a Petromin Corporation affiliate in Saudi Arabia, to set up co-branded HP-Petromin Express vehicle servicing outlets across India. With more than 700 quick-service locations under various brands spread throughout the GCC, Petromin is a leading provider of mobility solutions for the automotive industry.This strategic partnership aims to provide world-class customer experiences at affordable prices and offer a comprehensive range of solutions under one roof, including lube change, light repairs, periodic maintenance, battery replacements, tyre services, air conditioning repairs and eco carwash facilities", it continued. The co-branded HP-Petromin Express car servicing centres will be situated in HPCL's retail locations in major cities across India, including metropolises. NORWEGIAN CLIMATE INVESTMENT FUND TO INVEST IN INDIAN WIND POWER PLANTHPCL BAGS LONG-TERM CONTRACT FROM OPAL THE DELIVERY OF NATURAL GASTOP STORY
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