Indian renewables company AMPIN Energy Transition has expanded its partnership with Danish investment firm Copenhagen Infrastructure Partners (CIP) through the latter’s Growth Markets Fund II.
The second partnership aims to develop north of 2GW of renewable energy projects across India, including solar PV, wind, hybrid and energy storage. It will focus on large-scale and central grid-connected projects.
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The agreement enables joint equity investments of more than US$300 million, which would create a renewable energy asset base of nearly US$1.5 billion.
The first partnership between the companies was signed in 2021. The partnership had an initial joint equity investment of US$200 million, which was later extended with a further US$100 million. The investment increase also allowed the development portfolio of renewables to increase from 1.7GW to approximately 2.4GW.
According to the companies, both partnerships create a US$2.7-3 billion renewable energy asset base in India.
Peter Sjøntoft, Partner at CIP, said: “India is one of the world’s most important and dynamic renewable energy markets and a key focus for our Growth Markets Funds.
Outside of India, CIP recently launched an Australian subsidiary which aims to develop 10GW of solar PV and wind capacity in the next ten years. Voyager Renewables, the new subsidiary, will work on renewable energy projects in regional New South Wales, Queensland, and Victoria.
