Renewable energy-focused infrastructure fund manager Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure New Markets Fund (CI NMF), has signed an investment agreement with Amp Energy India to enable joint equity investments of over $200 million in renewable energy projects in India. Copenhagen Infrastructure Partners has committed $100 million as part of this agreement.
Amp Energy India, an integrated renewable energy power producer and CI NMF have targeted an initial 1.7 GW portfolio of renewable energy projects, delivering clean and green energy to commercial and industrial (C&I) and utility customers. The portfolio will comprise 900 MW in late-stage projects (solar photovoltaic (PV) and wind-solar hybrid) and an additional 800 MW of projects in earlier stages of development.
Pinaki Bhattacharyya, Co-Founder, Managing Director, and Chief Executive Officer of Amp India, commented, “CIP’s domain expertise is substantial 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 to provide dispatchable clean energy to our C&I and utility customers. The investment agreement 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.”
This transaction is CI NMF’s first investment in the Indian renewable energy market since its inception in 2019.
Commenting on the investment, Niels Holst, Partner and Head of CI NMF, said, “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, which combines an excellent track record and shared values in developing and realizing projects.”
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.
According to Mercom’s recently published 1H and Q2 2021 Solar Funding and M&A Report, announced debt financing activity in 1H 2021 ($8.2 billion in 32 deals) was 125% higher compared to the first half of 2020 when $3.7 billion was raised in 17 deals. Spurred by low-interest rates, a record $2 billion was raised through seven securitization deals in 1H 2021. Cumulatively, over $9 billion has been raised through securitization deals since 2013.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.