AMPIN Energy Transition, a renewable energy transition company in India, has secured an investment of up to $100 million from Norfund, the development finance institution of the Norwegian Government. The investment is expected to support AMPIN’s growth and strengthen its renewable energy portfolio in India.
This capital infusion further strengthens AMPIN’s standing at the forefront of India’s energy transition and positions the company to accelerate both deployment of new renewable capacity to enhance its leadership position within India and expansion of its manufacturing capabilities to contribute to the global energy transition pledge. The investment, made under the Norwegian Climate Investment Fund managed by Norfund, marks a key new step in the fund’s participation in the Indian clean energy space.
These funds will fuel AMPIN’s growth in both Commercial & Industrial (C&I) and Utility-scale renewable energy projects as well as its energy transition value chain business, and takes the total Equity capital raised by AMPIN to nearly $1 Billion to create a capital deployment of over $4 billion. With robust capitalization AMPIN is well-equipped to scale its renewable energy portfolio and drive India’s energy transition.
Pinaki Bhattacharyya, Founder, MD, and CEO of AMPIN Energy Transition commented: “This equity investment from Norfund reaffirms AMPIN’s position as India’s most complete renewable energy transition company and its unique business model powering energy transition for both C&I and Utility customers, and a strategic backward integration into manufacturing to create the best risk adjusted return strategy in the space. Notably, it is now the only energy transition company in India to attract leading investors from Europe, North America and Asia. Besides capital, Norfund also brings to AMPIN a range of strategic advantages being a global leader in energy investments, making them an ideal partner for our long-term growth.”
Bjørnar Baugerud, EVP, Renewable Energy at Norfund | Head Climate Investment Fund stated,“AMPIN has built an impressive complete renewable energy businesses, combining large-scale generation with backward integration into manufacturing. We are pleased to be able to finance AMPIN’s next steps, further scaling up its effort to speed up the Indian energy transition.”
AMPIN Energy Transition is India’s leading renewable energy transition company with a total portfolio of 6.3 GWp + 5.5 GWh and presence across 23 states & UTs in the country. Headquartered in New Delhi with regional offices in Mumbai, Bengaluru, and Kolkata, AMPIN Energy Transition 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.
It has the unique capability to provide renewable energy for 100% energy transition as well as to reduce the operating costs of marquee customers across 10 diverse sectors such as Pharmaceuticals, Automobiles, Cement, Steel, Heavy Engineering, Infrastructure, FMCG, Educational Institutions, IT & Data Centres, Utilities, and Government bodies. Beyond its core renewable power generation business AMPIN has built a portfolio of Energy Transition Enablers that enhance its competitive edge by driving strategic initiatives in energy trading, solar cell and module manufacturing, green hydrogen, and energy storage, allowing it to become one of India’s leading energy transition players. AMPIN is driven by an industry-leading team and backed by leading institutional investors from Europe, Asia, and North America.
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production.
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