Oil and gas powerhouse Norway to invest in Indian solar project, sees country as priority market

Norway’s Climate Investment Fund and the country’s biggest pension company, KLP, are set to invest in a 420-megawatt solar power project being developed in Rajasthan, India.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

The two parties will invest around 2.8 billion Indian rupees (roughly $35 million) for a 49% stake in the Thar Surya 1 project, which is being constructed by Italian firm Enel Green Power.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

According to an announcement from the Norwegian Embassy in India, the Climate Investment Fund is slated to allocate 10 billion Norwegian Krone (approximately $1 billion) to projects over the next five years.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

The embassy also described India, which is on track to become the planet’s most populous country next year, as a “priority market.”

That comes as Norway’s development finance institution, Norfund — which manages the Climate Investment Fund — and Enel Green Power have established an India-focused strategic investment partnership.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

“This is the first investment we are making with Enel, and together we have great ambitions to contribute with similar investments in India in the years to come,” Tellef Thorleifsson, CEO of Norfund, said in a statement issued Monday.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

While it is investing in renewable energy projects, Norway’s oil and gas reserves make it a major exporter of fossil fuels.

“In recent years, Norway has supplied between 20 and 25 per cent of the EU and United Kingdom gas demand,” Norwegian Petroleum says.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

“Nearly all oil and gas produced on the Norwegian shelf is exported, and combined, oil and gas exceeds half of the total value of Norwegian exports of goods,” it adds.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,