CFM is a Netherlands-based investment manager with a focus on renewable energy infrastructure. It also manages the Climate Investor One (CI1) financing facility. AMPYR Energy is a renewable energy developer headquartered in Singapore.
The companies announced that CI1’s Construction Equity Fund had invested $32 million (~₹2.38 billion) for the construction of a 38 MW project in Balenahalli, Karnataka, which will be the first project under this new partnership.
According to CFM’s press statement, this project is expected to produce about 149 GW of clean energy every year and help avoid around 130,000 tons of greenhouse gas emissions annually.
“The AMPYR Energy team have an impressive track record of delivering successful renewable energy projects that strongly align with CI1’s key objectives of displacing grid-connected coal-fired power while implementing and promoting superior ESG (Environmental, Social, and Governance) practices for the project and broader community,” said Nathan Schmidt, Head of Asia at Climate Fund Managers.
“The initial project will serve clean power to over 145,000 people,” Schmidt added.
Mercom India’s Research showed that Karnataka is the fourth-best state in the country for wind development. The state has around 4.8 GW of wind projects installed, which represents 13% of the country’s total installed wind power capacity.
Wind power installations in India reached 2.07 GW in the financial year (FY) 2019-20, a 31% increase as compared to 1.58 GW in the FY 2018-19. Cumulative installations stood at 37.69 GW as compared to 35.63 GW for the FY 2018-19. Wind power represented 10.1% of the total installed power capacity in India as of Q1 2020.
Image credit: GERC
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.