Global infrastructure investment manager I Squared Capital has invested in Amplus Energy Solutions, which owns and operates distributed rooftop solar in India.
Amplus is aiming to expand its footprint in rooftop solar in India and Southeast Asia with the new investment.
The firm is setting up a centralised monitoring facility in the outskirts of Delhi and growing its project and field teams across India.
According to local reports, I Squared Capital’s investment is worth US$150 million.
Under Narendra Modi’s government, the Ministry of New and Renewable Energy (MNRE) has a target of 40GW of rooftop solar by 2020, making up part of the overall 100GW solar target.
MNRE recently released a year-by-year breakdown of its solar targets, attracting some scepticism over its ambitious rooftop target of reaching 4,800MW by 2016/17, from the current 200MW in 2015/16.
Gautam Bhandari, partner at I Squared Capital, said: “Meeting such a goal requires substantial investment from both the public and private sectors. We are proud to partner with Amplus to bring this efficient and sustainable technology to more customers in India and beyond. Amplus is setting up an office in Singapore to pursue opportunities there as well as in other Southeast Asian countries.”
Sanjeev Aggarwal, chief executive of Amplus, said: “We provide construction capital, guaranteed implementation timelines as well as ongoing operations and maintenance. Our power purchase agreements offer customised tariff options lower than grid tariffs.
“With sizeable backing from I Squared Capital, we now have the resources and capital to build a leading distributed solar company in India and Southeast Asia.”