OeEB Invests EUR 25 Million in AMPIN Energy Transition to Boost Renewable Energy Portfolio and Solar Manufacturing in Odisha

In a significant move towards bolstering India’s renewable energy sector, AMPIN Energy Transition, a prominent renewable energy transition company, has secured a EUR 25 million investment from OeEB, the Development Bank of Austria. The funding aims to facilitate the expansion of AMPIN’s renewable energy portfolio and the establishment of a 1GW solar cell and module production facility in Odisha.

Aligned with the government’s objectives to scale up renewable energy capacities and reduce CO2 emissions, the investment not only supports these goals but also aims to enhance local manufacturing capabilities, crucial for the country’s transition efforts.

India’s commitment to increasing the share of renewable energy in its energy mix is evident in its National Electricity Plan 2022-2027, which targets a renewable energy capacity of 500GW by 2030, aiming to meet half of the country’s energy requirements from renewable sources and achieve net-zero emissions by 2070.

With renewable electricity growing at a rapid pace in India, the country’s abundant solar energy potential, with an average of 300 sunny days per year, plays a vital role in achieving these ambitious goals.

AMPIN Energy Transition, boasting a portfolio of 3 GWp across 21 states in India, is dedicated to driving the nation’s energy transition. The company aims to expand its renewable energy portfolio to 10 GWp by 2030, with the collaboration with OeEB representing a significant step towards realizing this vision.

Sabine Gaber, Member of OeEB’s Executive Board, emphasized the importance of supporting India’s transition to renewable energy, highlighting its significance for both the country’s economic development and the global fight against climate change. The partnership with AMPIN Energy Transition reflects OeEB’s commitment to green finance and comprehensive climate action.

Pinaki Bhattacharyya, MD & CEO of AMPIN Energy Transition, expressed gratitude for OeEB’s support, emphasizing the collaborative effort towards achieving India’s energy independence. He underscored the transformative potential of the partnership in revolutionizing renewable energy generation and solar manufacturing in India, further strengthening the nation’s commitment to achieving its renewable energy targets by 2030.