New Delhi-based AMPIN Energy Transition has expanded its partnership with Copenhagen Infrastructure Partners (CIP) to develop 2 GW renewable energy projects across India with a joint investment of $300 million.

Through its Growth Markets Fund II, CIP plans to create a renewable energy asset base of about $1.5 billion joining hands with AMPIN.

The new investment announcement is in addition to the $200 million joint agreement that AMPIN and CIP entered in 2021, targeting an initial 1.7 GW portfolio of renewable energy projects to deliver clean energy to commercial and industrial (C&I) and utility customers. CIP made this investment through its Copenhagen Infrastructure New Markets Fund (CI NMF).

The 2021 partnership was later expanded with added investment of ~$100 million to expand the portfolio from the initial target of 1.7 GW to ~ 2.4 GW of renewable projects, creating an asset base of $1.2 billion-$1.5 billion.

The new joint investment of over $300 million would help create an additional renewable energy asset base of $1.5 billion.

The two companies are initially targeting a portfolio of 2 GW, which is expected to comprise solar, wind, hybrid power, and energy storage technologies. The partnership will focus on India’s large-scale and central grid-connected renewable energy projects.

AMPIN recently won Solar Energy Corporation of India’s auction to develop 150 MW of wind-solar hybrid power projects for a tariff of ₹3.45 (~$0.0413)/kWh.

Pinaki Bhattacharyya, CEO of AMPIN Energy Transition, said, “This deepened partnership not only strengthens our ability to expand our impact and accelerate India’s renewable energy transition, but it also reinforces our shared commitment to driving innovation and sustainable value creation.”

AMPIN Energy Transition has a total portfolio of 4 GW spread across 21 states in the country. The company currently has 2 GW of late-stage pipeline projects.

Through its Growth Market Funds, CIP entered the Indian market in 2021 through partnerships with AMPIN Energy Transition and Viviid Renewables.

CIP manages 12 funds and has raised about €31 billion (~$32.8 billion) from over 180 international institutional investors for energy and associated infrastructure investments.

In October, AMPIN announced the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million).

In September, AMPIN entered into a joint venture with Japan-headquartered Sumitomo Corporation. The partnership has led to the establishment of AMPIN C&I Power, a new entity aimed at developing renewable projects to supply power to corporate clients in India.