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  • DAILY CURRENT AFFAIRS:Norway buys 49 pc stake in solar power plant in Rajasthan being developed by Italian Enel Company

Norway buys 49 pc stake in solar power plant in Rajasthan being developed by Italian Enel Company

Tags: Economy/Finance Science and Technology State News

The Norwegian embassy in India on 22 August 2022 has announced that it has bought a 49% stake in a solar power plant in Rajasthan being developed by Italian company Enel.

Thar Surya Project 

The Thar Surya 1 project is being built in Bikaner, Rajasthan by Enel Green Power India, a subsidiary of Enel S.p.A, Italy.

The 420 MW solar project is expected to generate more than 750 GWh of renewable energy annually, which will be sufficient to curb yearly emissions of about 681,600 tons of carbon dioxide.

Norway Investment 

Norway will invest in the project through Norwegian Climate Investment Fund managed by Norfund and Norway’s largest pension company KLP. 

The combined investment of Norwegian companies will be Rs 2.8 billion.

Norfund has been set up by the Government of Norway and it intends to allocate $1 billion to the Climate Investment Fund in the next five year with India being a major investment destination 

Solar Power target in India

The Government of India has set a target of 300 GW of installed solar power capacity by 2030.

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