Private Equity

PE Fund Investments

Norfund, KLP to invest Rs.90-Cr for 49% stake in ReNew Power's Karnataka project

Mint  

Norway's Climate Investment Fund, managed by Norfund, together with Norwegian pension fund KLP, will invest INR 90 crore in a transmission project in the Koppal district of Karnataka being developed by ReNew Power. Both funds will together pick up 49% stake in the project. The project will comprise a 5 x 500 MVA 400/220 kV sub-station at Koppal with 400 kV D/C quad moose transmission line from Koppal substation to Narendra New substation and 400 kV GIS Extn at Narendra New in Karnataka. Commercial operations are expected to start in the first quarter of FY24.