AMPIN Energy Transition, a renewable energy company in India, and Danish investment firm Copenhagen Infrastructure Partners (CIP) have entered into a second partnership with a view to enable another 2 GWp of renewable energy projects across India. The agreement enables joint equity investments in excess of $300 million, thereby creating a renewable energy asset base of approx. $1.5 billion.
The new partnership follows the existing partnership that CIP, through its Growth Markets Fund I (CI GMF I), and AMPIN Energy Transition entered in 2021 to enable joint equity investments of initially $200 million in renewable energy projects in India. The partnership has since been extended with further investments of $100 million to allow for an expansion of the portfolio from the initial target of 1.7 GWp to 2.4 GWp of projects, thus creating a renewable energy asset base of $1.2-1.5 billion.
For this second partnership, CI GMF II and AMPIN Energy Transition are initially targeting a portfolio of 2 GWp, expected to comprise solar, wind, hybrid and storage technologies. The partnership will focus on large-scale and central grid connected renewable energy projects in India.
Pinaki Bhattacharyya, founder, managing director and chief executive officer of AMPIN Energy Transition, commented on the extended partnership: “We’re happy by the continued confidence shown by CIP in our vision and growth plans. This deepened partnership not only strengthens our ability to expand our impact and accelerating India’s renewable energy transition but it also reinforces our shared commitment to driving innovation and sustainable value creation. Together, we’re building an asset base that will contribute meaningfully to India’s energy independence and sustainable growth goals.”
CIP, through its Growth Market Funds, entered the Indian market in 2021 and has been successful in navigating the Indian market through partnerships with AMPIN Energy Transition and Viviid. CIP intends to continue to grow its activities in the Indian market together with both existing and new potential partners and expects to build and commission several GW of renewable generation capacity over the coming years.
“India is one of the world’s most important and dynamic renewable energy markets and a key focus for our Growth Markets Funds. We are very happy to be expanding our collaboration with our trusted partners at AMPIN Energy Transition as an important part of our investment portfolio in renewable energy in India,” said Peter Sjøntoft, Partner at CIP.
AMPIN Energy Transition has a total RE portfolio of 4 GWp spread across 21 states in India. Headquartered in New Delhi, it has a balanced portfolio of renewable energy assets using a blend of solar, wind and storage to provide green power to utility and commercial & industrial customers.
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