AMPIN Energy Transition has secured an investment of up to $100 million from Norfund, a development finance institution owned by the Norwegian Government, to support its renewable energy and energy transition businesses in India.
The investment has been made under the Norwegian Climate Investment Fund, managed by Norfund, and marks a new step in the fund’s participation in India’s clean energy sector.
The capital will support AMPIN’s expansion across Commercial & Industrial (C&I) and utility-scale renewable energy projects, as well as its energy transition value chain business, including the expansion of its manufacturing capabilities.
With the latest investment, AMPIN’s total equity capital raised has reached nearly $1 billion, which the company plans to use to support more than $4 billion in capital deployment.
The company said the additional capital will enable it to scale its renewable energy portfolio and strengthen its contribution to India’s energy transition.
Commenting on the investment, Pinaki Bhattacharyya, Founder, Managing Director and CEO, AMPIN Energy Transition, said the investment reinforces the company’s integrated renewable energy business model spanning C&I and utility customers, along with its backward integration into manufacturing.
Bjørnar Baugerud, EVP, Renewable Energy at Norfund and Head of the Climate Investment Fund, said AMPIN has developed an integrated renewable energy business combining large-scale generation with manufacturing capabilities. He added that Norfund is supporting the company’s next phase of growth and its efforts to accelerate India’s energy transition.
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