Independent power producer AmpIn Energy Transition has secured an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing.

The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio.

In October last year, AmpIn Energy Transition announced a joint venture with Jupiter International to set up a facility to manufacture up to 1.3 GW of solar cells and modules. The facility, which is being established with funds under the government’s Production Linked Incentive (PLI) program, is expected to be commissioned in the financial year 2024-25.

The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.

Pinaki Bhattacharyya, MD & CEO of AMPIN Energy Transition, said, “AMPIN is committed to driving India’s energy transition, and our collaboration with OeEB is a pivotal step toward our vision of an energy-independent India. United in this endeavor, we are poised to transform the renewable energy generation & solar manufacturing landscape in India, strengthening the nation’s commitment to meet its ambitious renewable energy goals by 2030.”

“Supporting India’s transition to renewable energy is not only an important precondition for the country’s continued economic development but also essential for the global fight against climate change. Green finance and comprehensive climate action is at the core of our new strategy. We are proud to partner with AMPIN Energy Transition to support India’s commitment to green and sustainable growth”, comments Sabine Gaber, Member of OeEB’s Executive Board.

Recently, AmpIn Energy Transition signed a power purchase agreement (PPA) of 25 years for 6 MW rooftop solar projects with the Maharashtra Metro Rail Corporation for the Nagpur Metro Rail Project.

Under the PLI, AmpIn is eligible to receive a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of cells and modules.