The Indian arm of Canadian renewable energy company Amp Energy has secured $100 million (Rs 744 crore) from Copenhagen Infrastructure Partners (CIP), a sustainable-energy-focused investor.
The investment is being made through CIP’s Copenhagen Infrastructure New Markets Fund I (CI NMF). Amp Energy is matching CIP’s investment in the deal. An official announcement is likely in the coming days.
This is the Danish firm’s first investment in India.
“CIP is the world’s leading renewable-energy-focused infrastructure fund manager and their significant domain expertise is a strong value addition, in addition to being a capital partner,” Amp India cofounder Pinaki Bhattacharyya said.
Amp India is developing projects totalling 1,700 megawatts — 900 MW of those are in late stages and the rest in early stages. These projects are spread between solar and solar-wind hybrid projects. Toronto-headquartered Amp Energy has a target of achieving 5 GW in India.
“Both will be critical to success as we diversify our portfolio to include solar, wind and hybrid in moving towards providing dispatchable clean energy to our C&I and Utility customers,” said Bhattacharyya, who is also the Indian unit’s managing director and chief executive.