Renewable Energy Transition Platform Amp Energy India Raises ~$250 Mn in Funding from SMBC Bank of Japan, ICG, AIIB

New Delhi-based renewable energy transition platform Amp Energy India has secured up to $250 million (about ₹2,061 crore) from SMBC Bank of Japan (Sumitomo Mitsui Banking Corporation), ICG (Intermediate Capital Group), and AIIB (Asian Infrastructure Investment Bank) announced the company in an official press release. 

Amp Energy India develops, builds, owns and operates renewable energy power plants delivering power to both C&I and Utility customers.

Prior to this fundraise, Amp Energy India has secured $50 million from global alternative asset manager ICG. It was ICG's first investment through its Asia-Pacific Infrastructure team.

Founded in 2016, Amp Energy India is India's first truly balanced Renewable Energy IPP (Independent Power Producer) with a total portfolio of 2.7GW+ spread across 17 states in the country. It provides renewable energy transition solutions to marquee customers across 10 diverse sectors such as Pharmaceuticals, Automobiles, Cement, Steel, Heavy Engineering, Infrastructure, FMCG, Educational Institutions, IT & Datacenters, Utilities, and Government bodies.

Pinaki Bhattacharyya, Founder, MD and CEO of Amp Energy India said, "With this round we are on our way to be the leading energy transition platform in the country and I thank our stellar team, supportive shareholders, the progressive government, customers, suppliers, lenders and intermediaries to reach this milestone. I welcome the three new marquee investors who have reposed their faith in us with their maiden investments to participate in the unstoppable energy transition journey in India".

In April, Amp Energy India's subsidiary, AMPIN Solar One, has won 1GW capacity for integrating cell and module manufacturing under Solar Energy Corporation of India (SECI)’s performance-linked incentive (PLI) program Tranche II for integrating cell and module (CM) manufacturing. In January this year, Bosch India partnered Amp Energy India for its solar energy requirements in Karnataka. 

SMBC is a Japanese multinational banking and financial services institution headquartered in Tokyo, Japan. The group operates in retail, corporate, and investment banking segments worldwide.

Rohit Nanda, Head of Equity Group – Infrastructure team, Asia at SMBC commented “Since our initial investment in 2018, Amp India has shown remarkable resilience and achieved an impressive growth even during the pandemic period. We see tremendous potential in their C&I expertise and march into the utility field and are excited to contribute to their continued success through this follow-on investment. We are thrilled to continue our partnership with Amp India and furtherly support their innovative work in the renewable energy sector."

ICG is a LSE-listed, leading global alternative asset manager with over 30 years’ history, managing USD 68.5 billion of assets and investing across the capital structure.

Devarshi Das, Head of Asia-Pacific Infrastructure at ICG commented “We are very pleased to announce our partnership with Amp India as the first investment for ICG’s Asia-Pacific Infrastructure. The rapidly growing demand for renewables and energy transition solutions throughout India presents an enormous opportunity in the market that we are well-positioned to capitalize on across the value chain. We believe strongly in the management team’s proven capabilities and are confident in the Company’s ability to execute on its growth strategy and scale effectively.”

Amp Energy India Commissions Solar Power Project for Bosch Limited

Bosch Limited, a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology in India has partnered with Amp Energy India, one of India’s first truly balanced renewable IPP for its solar energy requirements.

The solar project capacity is 30 MW and would be provided from Amp Energy India’s open access facility in Mallat Village, Raichur district in Karnataka. This is Amp’s third open access project in the state of Karnataka.

Bosch Limited and Amp Energy India have signed a Power Purchase Agreement (PPA) for procurement of solar power for 25 years.

This solar open access facility commissioned this month will generate about 43MUs of green energy per year for Bosch Limited and will meet about40% of their energy consumption.

This project will provide solar power to energize 3 Bosch’s plants/facilities in and around Bangalore and by switching to solar power, Bosch will also help mitigate about 31,000 tons of CO2 per annum.

“Solar energy adoption in India by top companies in India has seen a major growth over the last few years, especially post the challenges posed by the COVID pandemic. We are thankful to the Bosch team for extending their continuous support to us since the beginning. With this partnership, we are sure Bosch will setup benchmarks for other conglomerates to follow to switch to clean energy for their growth in the country and move towards accomplishing their RE100 targets,” Mr. Pinaki Bhattacharyya, MD and CEO, Amp Energy India said.

“Bosch globally is stepping up its investments in green energy there by investing in renewable in-house generation power plants and entering into exclusive long-term purchase agreements with partners like Amp Energy.India is an important and key market for us, and we would like to help the country reach its true potential. We are happy to partner with Amp Energy for this project that has helped achieve our sustainability objectives in a timely manner,” said, Mr. Soumitra Bhattacharya Managing Director, Bosch Limited & Regional President, Bosch Group in India.

Amp Energy India with its diversified portfolio of projects has already developed large open access projects including some landmark projects such as the Largest Solar Open Access Project in Maharashtra (30MW), the First captive solar open access project in Uttar Pradesh (42MW) and its second open access project in Maharashtra (13.5MW).

About Amp Energy India

Amp Energy India is India’s first truly balanced Renewable Energy IPP with a total portfolio of about 1.5GW+ spread across 15 states in the country. Amp India has a balanced portfolio of C&I and utility customers which allows it to provide clean and green energy solutions to 45+ marquee customers across 10 diverse sectors such as Pharmaceuticals, Automobiles, Cement, Steel, Heavy Engineering, Infrastructure, FMCG, Educational Institutions, IT & Datacenters, Utilities and Government bodies.

Amp Energy India acts as a One Stop Shop for Energy providing renewable energy solutions to customers across technologies such as Solar, Wind, Hybrids, Storage and Energy Management and has the ability to meet short-term, medium-term and long-term requirements of its customers.

Amp Energy India is also associated with the Amp Energy Group headquartered in Toronto, Canada. With about $2 Billion total Capex financed globally, Amp Energy is a global energy transition platform backed by leading investors such as the Carlyle Group with a focus on the key renewable markets such as US, Canada, India, Japan, Spain and Australia globally.

Copenhagen Infrastructure Partners Commits $100 Mn to Renewable Energy Investments with Amp Energy India To Enable Addition of ~1.7 GWp of Utility and C&I Renewable Energy Projects

July 31, New Delhi: Copenhagen Infrastructure Partners (CIP), among the largest renewable energy focused fund managers globally, has signed an investment agreement through its Copenhagen Infrastructure New Markets Fund I (CI NMF) with Amp Energy India Private Limited (“Amp India”).

The agreement enables joint equity investments in excess of USD 200 million in renewable energy projects in India, with the potential for future expansion.

Amp India and CI NMF have targeted an initial 1.7 GWp portfolio of renewable energy projects, delivering clean and green energy to C&I and utility customers. 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 a 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 commented “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 realising projects.”

The partnership will develop and construct a portfolio of 1.7 GWp initially, with the ambition to add additional projects over time. The portfolio comprises c. 900 MWp in late-stage projects (solar PV and hybrid wind / solar PV) and an additional c. 800 MWp of projects in earlier stages of development.

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.

About Amp India

Amp India is emerging as a leading balanced GW scale integrated renewable energy power producer in India that is focused on delivering clean and green energy to both C&I and utility customers. With a Pan India presence and a world class team with proven experience in developing, financing, building and operating GW scale renewable energy project portfolios, it is targeting an overall portfolio size of 5 GWp in India. Amp India is backed by leading international institutional investors from North America, Europe, Japan and India.

Amp India is part of Amp Energy (Amp). Amp is a global energy transition platform. It develops, owns and operates clean energy assets throughout its core markets around the world, alongside Amp X, the disruptive grid-edge technology platform utilizing proprietary artificial intelligence expertise. The company is headquartered in Toronto with global operations throughout Japan, Australia, India, Spain, Czech Republic, UK and North America.

About Copenhagen Infrastructure Partners

Copenhagen Infrastructure Partners P/S is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. CIP has approximately 200 employees and offices in Copenhagen, Hamburg, New York, Tokyo, Utrecht, and London.

CI NMF invests primarily in greenfield renewable energy infrastructure projects in fast-growing economies across Asia and Latin America as well as certain countries in Eastern Europe where CI NMF sees scale, growth, and liquidity.

CIP manages eight funds and has approximately EUR 16 billion under management. PensionDanmark was founding and sole investor in CI I and CI A I. Today CIP’s funds have approximately 100 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and North America and multi-lateral organizations e.g. EIB.

CIP was founded in 2012 by senior executives from the energy industry in cooperation with PensionDanmark.