NIIFL Signs Agreement with Tamil Nadu for Renewable Energy Projects

The National Investment and Infrastructure Fund Ltd (NIIFL) has announced that it has signed an MoU with the Tamil Nadu Infrastructure Development Board (TNIDB) to attract investment in infrastructure development in the southern state. This will also include attracting commercial capital in the renewable energy sector.

The State Government of Tamil Nadu has set up TNIDB as the nodal agency for coordination and promotion of infrastructural development in the southern state.

NIIFL said, “Seven projects have been identified across departments which have the potential to attract private investments of approximately INR 5,000 to 6,000 crore. Work on these projects has been initiated.”

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The official statement of NIIFL held that as per the MoU, the company intends to assist Tamil Nadu Government in identifying potential private sector opportunities in asset recycling, developing greenfield and brownfield infrastructure projects in various sectors such as renewable energy, roads, waste management, water, tourism, and other related sectors.

Prasad Gadkari, Executive Director, and Chief Strategy Officer, NIIFL, stated, “NIIFL has been collaborating with the state government over the last year on a set of project ideas. This MoU formalizes our relationship with the Tamil Nadu government.’’ The announcement follows since Finance Minister Nirmala Sitharaman called on NIIFL to look at opportunities under the national master plan for multi-modal connectivity, PM Gati Shakti and India’s largest infra project, National Infra Corridor.

“NIIFL works closely with the central and State Governments to bring investable opportunities to market. Tamil Nadu has witnessed a manufacturing-led growth over the last few years. The organization has been collaborating with the state government over the course of the last year on a set of interesting project ideas. This MoU formalizes our relationship with the Tamil Nadu government and is in consonance with the broader mandate of NIIFL,” added Prasad Gadkari.

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NIIFL said that its ‘Strategic Initiatives and Policy Advisory’ (SIPA) team provides strategic advice to central and state govt entities, which will be involved in the conceptualization and design of various projects in the MoU.

“The company through its SIPA team supports the respective departments in project conceptualization and analyzing project attractiveness for private investments and in structuring transactions. NIIFL leverages its experience and expertise in the infrastructure sector as well as its experience of working with private capital to support the Government of Tamil Nadu,” the company added.

Currently, NIIFL is managing more than $4.3 billion across three funds – Master Fund, Fund of Funds and Strategic Opportunities Fund. In November, NIIF inked a deal with Japan Bank for International Cooperation (JBIC) to step up investments from Japan in India.

NIIFL has also invested in many sustainable and climate-tech companies that would include Ayana Renewable Power, IntelliSmart Infrastructure, Ather Energy, and the Green Growth Equity Fund.