Independent power producer Enfinity Global has a presence in leading renewable energy markets spanning the U.S., Europe, and Asia. With over 1 GW of projects expected to enter the construction phase this year, the company’s renewable energy portfolio in India now totals ~3.3 GW in various stages.

In this exclusive interview, Vignesh Nandakumar, Enfinity Global CEO for Asia, shares his thoughts on what needs to be done to accelerate the development of renewable energy in India. He also discusses Enfinity’s plans for India and the company’s experience in operating in the utility-scale and commercial and industrial (C&I) segments.

As an independent power producer, what has been your experience in participating in utility-scale tenders floated by government agencies in India?

We entered the national utility-scale tender market in 2024. Our goal is to support the country’s energy transition by delivering energy solutions that incorporate wind-solar hybrids and storage. We have participated in these bids through projects with the connectivity in place and land development already underway, making us one of the few developers to do so.

As a global company, we are very encouraged by the Government of India’s commitment to deploying 500 GW of renewable capacity through these tenders. They foster innovation in hybrid and firm renewable energy solutions while maintaining transparency and competitiveness.

Overall, our experience with the tenders has been positive; we have been awarded 720 MW of hybrid renewable energy projects through these bids.

Enfinity is also active in the C&I segment in India. How does this market compare to utility-scale projects in terms of opportunities and challenges?

The C&I market in India is very vibrant and is expected to grow further as the costs of hybrid renewable energy and storage decrease and the grid becomes stronger.

Applying the same approach of being ready with the development prior to contracting, our 2 GW ready-to-deploy pipeline, backed by secured land and grid connectivity, reflects our strategic approach to market expansion. This positions us as a preferred renewable energy partner for industries such as industrial manufacturing, data centers, pharmaceuticals, automotive, and steel, all of which require reliable, timely, and customized energy solutions.

We also believe that C&I markets are localized, and we need to develop solutions relevant to the particular states with on-ground teams. Our expertise in hybrid solutions, combined with our global learning curve through our presence in multiple countries, where we offer C&I solutions, and our execution capabilities, positions us well to offer reliable and customized energy solutions.

With energy storage and firm and dispatchable renewable energy (FDRE) gaining momentum and government mandates requiring storage components in solar tenders, how do you view this evolving trend?

In India, we see significant potential in storage-linked tenders and are strategically evaluating opportunities in both solar-plus-storage and FDRE bids. Even our C&I customers are increasingly seeking higher capacity factors, which can be achieved through a mix of various technologies and storage solutions.

Given the decreasing costs of storage, the advent of strong AI tools for forecasting and managing energy assets in renewable energy, and the declining price of solar generation, we believe this is a global trend to see more and more storage integrated into energy solutions. With renewable energy now contributing a significant portion of energy in global grids and India, it is only natural that optimally designed short to medium-term storage is going to play an increasingly significant role in grid stabilization and renewable energy integration.

Enfinity plans to execute 2 GW of renewable energy in the next three years. What steps are you taking to secure capital for these projects, and what has been your experience working with financial partners in India?

As a global company, we are uniquely positioned to leverage international capital markets to accelerate our growth and impact. A great example of this is the $135 million junior financing facility we secured last year from the Canada Pension Plan Investment Board. This funding is directly supporting the expansion of our renewable energy portfolio in India.

We actively collaborate with both domestic and international lenders who share our vision for a sustainable future and recognize the value of partnering with a company with strong execution and reliability. A commitment to financial discipline, robust corporate governance, and scalable growth guides our capital structuring strategy.

What are the major challenges Enfinity has faced while developing projects in India? Developers often cite regulatory hurdles, delays in PPAs, and grid connectivity issues. What has your experience been, and what policy changes would help ease these issues?

India has an immense opportunity and potential to build a large renewable energy ecosystem. To fully realize this potential, we need to enhance the ecosystem by addressing certain regulatory and procedural bottlenecks, particularly around the timely closure of Power Purchase Agreements and post-construction grid connection approvals.

Embracing digital transformation can be a game-changer. By introducing centralized, intuitive digital platforms for approvals and compliance, the government can dramatically improve transparency, reduce turnaround times, and build greater trust among investors and developers. Automated workflows for document verification and real-time tracking can ensure that projects progress smoothly and efficiently.

Equally important is the modernization of grid infrastructure. Upgrading transmission and distribution networks and integrating smart grid technologies will not only accommodate the variability of renewable sources but also enhance grid stability and resilience. Strategic investments in green energy corridors and intelligent demand-response systems will unlock the full value of renewable energy, ensuring reliable and equitable access across the country.

Additionally, clarity around the local manufacturing requirements aligned with the practical availability of this capacity in the country will help us realize a robust ecosystem for renewables in the country.

What specific policy recommendations would you suggest for India to accelerate renewable energy growth?

To accelerate the deployment of renewable energy and support industrial decarbonization, it is essential to streamline regulatory processes and enhance infrastructure readiness. Establishing a single-window clearance system for all Power Purchase Agreements and environmental approvals would significantly shorten administrative timelines and provide greater transparency and predictability. At the same time, accelerating the implementation of interconnection infrastructure through the Green Energy Corridors is critical to ensure timely grid access for new renewable capacity and to strengthen the reliability of the national grid.

In parallel, targeted financial incentives can play a key role in driving early adoption of clean energy in hard-to-abate sectors. Allocating a portion of the viability gap funding grants to heavy industries that are committed to going beyond current legal renewable energy obligations would create a powerful incentive for ambitious decarbonization. These measures, taken together, would not only speed up project execution but also foster stronger collaboration between the public and private sectors in achieving national clean energy goals.

From your experience, which Indian states are most favorable for renewable energy development, and what makes them stand out from a policy or infrastructure standpoint?

States that have developed a clear renewable energy deployment policy with streamlined approval processes, robust grid infrastructure, strong industrial activity, and proactive government support are the most attractive destinations for renewable energy investment. These factors not only reduce project risk but also accelerate execution timelines, making them key enablers of sustainable growth.

Building on this, while we currently have projects across Maharashtra, Karnataka, Telangana, Rajasthan, and Uttar Pradesh, we are actively exploring new opportunities in Gujarat and Andhra Pradesh. Our expansion strategy goes beyond geographic reach—it is rooted in a region-specific approach that carefully evaluates market demand, supply dynamics, and policy frameworks to optimize development and long-term impact.

With the U.S. imposing higher tariffs on solar exports from China and Southeast Asia, how do you anticipate this will impact Enfinity’s operations in India and globally?

We operate in a dynamic global environment where trade policies shift rapidly. As a global company, our diversified supply chain strategy allows us to adapt to local conditions and mitigate risks. We worked ahead of the incoming tariffs and in keeping with the Indian regulations to develop partnerships with regional and Indian suppliers for our projects. We do not see any risk to our ability to execute in India due to the higher tariffs in the US.

Many renewable energy companies are leveraging AI-based analytics for performance monitoring and optimization. Aside from AI, what other technologies is Enfinity adopting across its projects?

Our state-of-the-art global monitoring platform, equipped with advanced AI tools, provides comprehensive performance insights, ranging from individual device-level metrics to plant-wide operations. This sophisticated system, which we have implemented worldwide, simplifies the identification of low-performance areas and streamlines event management by analyzing the nature, frequency, and patterns of issues through predictive analytics seamlessly integrated into the platform.