Amp Energy India Secures $250 Million Funding to Expand Renewables Portfolio
The company currently operates a comprehensive renewables capacity of over 2.7 GW
Amp Energy India, an integrated renewable energy power producer, has secured up to $250 million in funding. The financing round was led by the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, the Intermediate Capital Group (ICG), and the Asian Infrastructure Investment Bank (AIIB).
The funding secured by Amp Energy India will enable the company to expand its operations further, accelerate its growth strategy, and leverage the increasing demand for renewable energy solutions across India.
A subsidiary of Amp Energy, a Toronto-based renewable energy assets owner, and developer, Amp Energy India operates with a comprehensive renewables portfolio of over 2.7 GW across 17 states in India.
The company provides renewable energy transition solutions to a wide range of sectors, including pharmaceuticals, automobiles, cement, steel, heavy engineering, infrastructure, FMCG, educational institutions, IT & Datacenters, utilities, and government bodies.
Pinaki Bhattacharyya, the Founder, MD, and CEO of Amp Energy India, expressed gratitude to the supportive shareholders, government, customers, suppliers, lenders, and intermediaries, stating, “With this round, we are on our way to becoming the leading energy transition platform in the country. I welcome the three new marquee investors who have reposed their faith in us to participate in the unstoppable energy transition journey in India.”
SMBC, a Japanese multinational banking and financial services institution, recognized the resilience and growth demonstrated by Amp Energy India, even during the pandemic period.
Rohit Nanda, Head of Equity Group – Infrastructure team, Asia at SMBC, expressed excitement about contributing to Amp India’s success through this follow-on investment and supporting their innovative work in the renewable energy sector.
AIIB, a multilateral development finance institution, has chosen Amp Energy India as its first direct equity investment into a renewable independent power producer.
Rajat Misra, Director General of the Infrastructure Investment Department at AIIB, expressed excitement about partnering with Amp Energy India, highlighting the company’s diversified portfolio and the potential to contribute to India’s developmental needs in achieving a net-zero carbon future.
Recently, Amp Energy India won the Kolkata-based power utility company CESC’s auction to develop 150 MW of the interstate transmission system (ISTS)-connected wind-solar hybrid projects.
The company recently won the Solar Energy Corporation of India’s auction to develop 100 MW of the 1,200 MW of ISTS-connected wind-solar hybrid power projects (Tranche-VI) with energy storage and assured peak power supply across India. Amp Energy India had quoted the lowest tariff of all other winners at ₹4.64 (~$0.05)/ kWh.