Amp Energy India raises US$ 100 million from Danish investor

Copenhagen Infrastructure Partners and Amp Energy have signed a US$200 million investment pact with each partner committing to $100 million. The investment will allow Amp Energy to add 1.7 GWp of utility-scale and commercial and industrial renewable energy projects.

August 2, 2021 Uma Gupta

A solar project by Amp Energy

Image: AMP Energy India

Denmark-based Copenhagen Infrastructure Partners (CIP), a renewable energy-focused fund manager, has agreed to invest US$ 100 million to fuel Amp Energy India’s solar portfolio expansion.

The agreement with Amp Energy was signed by CIP’s Copenhagen Infrastructure New Markets Fund I (CI NMF). It enables joint equity investments in excess of US$ 200 million in renewable energy projects in India, with the potential for future expansion.

The Amp India and CI NMF partnership aims to develop 1.7 GWp of utility-scale and commercial and industrial renewable energy projects initially. The portfolio comprises 900 MWp in late-stage projects (solar PV and hybrid wind-solar PV) and an additional 800 MWp of projects in earlier stages of development.

This transaction is CI NMF’s first investment in the Indian renewable energy market and its largest commitment since establishment in 2019.

Pinaki Bhattacharyya, Co-Founder, MD and CEO of Amp India, commented, “CIP is the world’s leading renewable energy-focused infrastructure fund manager and their significant domain expertise is strong value addition, in addition to being a capital partner. 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. This is a key milestone as we march towards our goal of creating the first truly balanced and complete renewable power producer with a 5 GWp target.”

Niels Holst, Partner and Head of CI NMF, added, “As one of the world’s most dynamic and competitive renewable energy markets, India is a key focus for CI NMF and we are delighted to take this first important step together with a great partner in Amp, who combine an excellent track record and shared values in developing and realizing projects.”

EY was the exclusive financial advisor and Indus Law acted as legal advisor to AMP India. KPMG India acted as exclusive financial advisor and Trilegal as legal advisor to CI NMF.

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