CIP, Viviid Renewables forge ahead with 300MW wind project in Karnataka
Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund I (CI GMF I), in collaboration with Viviid Renewables, an Indian developer and balance-of-plant service provider, has announced a final investment decision on a groundbreaking 300 MW onshore wind project in Karnataka, India. This strategic investment marks a significant step in the renewable energy landscape of India, promising favorable wind conditions, excellent site accessibility, and an existing grid connection location. The project is on track for completion by the end of 2025.
Joint Development and Construction: A Partnership Poised for Success
CIP and Viviid Renewables have joined forces to develop and construct the wind farm, a collaboration showcasing their commitment to sustainable energy. As part of the final investment decision, CIP has signed equipment orders for the entire project capacity, and Viviid will provide crucial balance-of-plant works and services, holding a minority ownership position in the project.
Copenhagen Infrastructure Partners, Viviid Renewables launch 300MW wind project in Karnataka
This venture will be the inaugural project under the partnership formed between CIP and Viviid in January 2023. Their framework agreement aims to develop at least 1.8 GW of renewable energy projects in India. Their partnership signifies a strong commitment to the expansion of renewable energy sources in India, a key player in the global transition to sustainable energy. Furthermore, CIP and Viviid have already initiated additional project developments, which will be realized through CI GMF I’s successor fund, CI GMF II.
A Milestone for Renewable Energy in India
“Achieving FID (Final Investment Decision) is a significant milestone for CIP and for our partnership with Viviid,” said Peter Sjøntoft, associate partner at CIP. He praised the joint industrial approach and the capacity to deliver large-scale renewable energy projects with competent partners. This project not only contributes to local growth and job creation but also promises attractive returns for fund investors.
Echoing this sentiment, Siddharth Mehra, Founder of Viviid Renewables, expressed excitement about the 300 MW wind farm project with CIP. He emphasized Viviid’s expertise in wind farm development and balance-of-plant equipment supplies and services. “Through this long-term partnership, we aim to further strengthen our contribution to India’s ambitious target of installing 500 GW of generation capacity from renewable sources by 2030,” Mehra stated.
India: A Core Market for CIP’s Growth Strategy
India serves as a core market for CI Growth Markets Fund’s strategy. Since its entry into the Indian market in 2021, CIP has established partnerships with companies like AmpIn Energy Transition and Viviid Renewables and has opened an office in Mumbai. These actions underscore CIP’s intent to continue growing its activities in the Indian market, collaborating with both existing and new potential partners. The company expects to build and commission several GW of renewable generation capacity in the coming years, contributing significantly to India’s renewable energy goals.
In addition to onshore wind projects, CIP is exploring opportunities in adjacent technologies such as offshore/nearshore wind, hydrogen, and other sustainable energy sources. These initiatives reflect a broader commitment to diversifying energy sources and enhancing energy security while supporting environmental sustainability.
The announcement of this 300 MW wind project in Karnataka by Copenhagen Infrastructure Partners and Viviid Renewables marks a significant development in India’s renewable energy sector. It not only showcases the potential for collaborative international partnerships in green energy but also aligns with global efforts to combat climate change and promote sustainable development.