Enfinity Eyes Expansion in Gujarat, Andhra, TN & Beyond

How has been Enfinity’s journey in India’s solar sector till now? 

We started with smaller projects, gradually expanding our footprint to develop a robust and diversified portfolio. In our initial years, we successfully executed 85 rooftop solar installations and 20 ground-mounted projects, laying a strong foundation for supercharged growth. Today, we operate 105 solar plants, with a commissioned capacity of 240 MW. While this capacity might seem modest, the significance lies in the scale and efficiency of our operations; delivering performance that exceeds industry benchmarks.

Having built a solid operational framework, we are now poised for accelerated growth in India. 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—sectors that require reliable, timely, and customized energy solutions.

With 1 GW of projects entering the construction phase this year, can you share the funding structure for the projects? What do you typically go with in terms of debt/equity breakup?

We have a long-term investment strategy. This means that we “build to own” and operate our projects in the long term. Therefore, our capital structure for projects aligns with industry standards for IPPs while leveraging our global financial strength and our ability to forge long term partnerships with our financial partners.  We always use a mix of capital deployment + senior debt for the construction of our projects. For the capital part, we are forming partnerships with global marquee investors who would invest along with Enfinity Global. We expect the construction financing will be sourced through domestic lenders, maintaining a debt-equity structure that aligns with market norms.

Currently, you have projects across Maharashtra, Karnataka, Telangana, Rajasthan and UP. Any plans to go beyond these regions?

Our aim remains agile and responsive to market dynamics, ensuring that our expansion aligns with demand, regulatory frameworks, and ease of doing business. While we currently have projects across Maharashtra, Karnataka, Telangana, Rajasthan, and Uttar Pradesh, we are actively exploring new opportunities in Gujarat, Andhra Pradesh, Tamil Nadu, Chhattisgarh, Odisha, and Haryana. Our approach is not just about expanding footprints; it’s about executing a region-specific strategy—analyzing market demand, supply conditions, and policy landscapes to optimize development capabilities. By staying ahead of the market, we ensure that our projects deliver maximum value while aligning with India’s evolving energy needs.

As a large player, what are the key risks you see in India vis a vis other markets when it comes to project execution?

We approach risks as opportunities to differentiate ourselves and create value. Every market presents unique challenges at different points in time. In India, while land acquisition is often cited as a challenge, the real complexity lies in ensuring title certainty due to multiple regulatory frameworks. Our deep expertise in land due diligence and risk mitigation allows us to navigate this efficiently.

Additionally, interconnection is an industry-wide challenge, but we anticipated this early and proactively secured more than 2GW of interconnection positions—a significant competitive advantage. Ultimately, our ability to foresee challenges, leverage our global experiences, and build in-house capabilities transforms risks into strategic advantages, ensuring the smooth execution of our projects in India and beyond. 

Can you provide insights into the technological innovations Enfinity is leveraging for its upcoming projects?

A key differentiator is our advanced global asset management platform, which leverages AI-driven analytics to monitor performance at every level—from individual devices to entire plants. This enables proactive event management, allowing us to identify underperformance trends and optimize efficiency through predictive analytics.

Also, we are advancing towards Digital Twin technology, an AI-powered solution that enhances fault detection with geographic precision. This system provides real-time diagnostics on equipment health, reducing downtime and improving operational reliability.

What are the customer markets you will focus on in India? C&I or Utility scale as well.

At Enfinity Global, we are committed to delivering innovative and efficient energy solutions tailored to our customers’ needs. Our approach focuses on flexibility and customization, ensuring we provide the best-fit energy mix through a combination of solar, wind, and battery storage solutions.

For us, we do not limit ourselves to one segment— whether through direct agreements with C&I consumers, partnerships with utilities through FDRE/Hybrid tenders or selling in the merchant market. Our approach remains agnostic. Instead, we strategically optimize our portfolio to ensure a balanced, diversified mix that maximizes returns while mitigating risks. A diversified approach strengthens our market position and ensures that we can provide reliable, tailored energy solutions to a wide range of customers.

Enfinity has experience with large storage projects in the US now. How do you see your prospects in the storage market in India, considering the shift towards storage-linked tenders?

Enfinity Global has been actively developing large-scale energy storage projects worldwide, with a pipeline currently exceeding 10 GW of capacity. We are integrating storage solutions across both our C&I and utility-scale offerings, and this experience gives us a strong competitive edge as we bring global learnings to India.

India has the potential to be one of the top storage markets globally. In India, we see significant potential in storage-linked tenders and are strategically evaluating opportunities in both solar-plus-storage and FDRE tenders. Even our C&I customers are increasingly seeking higher capacity factors, which we are able to deliver through a mix of various technologies and storage solutions.

While both solar-plus-storage and FDRE tenders are important, we believe we can add more value in FDRE tenders by leveraging our expertise in optimizing energy storage solutions and delivering cost-effective, high-performance systems. That said, we continue to explore all opportunities in storage projects, ensuring that any participation aligns with our strategic differentiation and long-term vision.

We remain committed to delivering innovative and commercially viable storage solutions that support India’s transition to a more resilient and sustainable energy future.

Have you considered inorganic growth options in your operating markets?

Our primary focus is on greenfield development and successfully executing our current pipeline. With a robust pipeline in place, we have plenty to focus on in the coming months. Having said that, we remain open to opportunistic inorganic growth where it adds strategic value and enhances our overall portfolio.

Are you focused on solar, wind, and storage or open to opportunities in areas like Pumped Storage, (Green) Hydrogen, etc as well?

While our current focus is heavily on solar, wind, and storage, Enfinity Global is fundamentally a low-carbon solutions company, not just a renewable energy developer. Our long-term strategy is built on diversification and innovation across multiple clean energy sectors.

We have already taken a few steps in green hydrogen which include signing an MoU with the Government of Odisha to produce 0.3 million tonnes of green ammonia. Our presence in the key import markets provides us with an edge. However, our approach remains strategic and measured. We are actively assessing domestic and global opportunities in these emerging sectors and will make well-timed, calculated moves to maximize impact and value creation.