OeEB invests in AMPIN Energy Transition to support renewable energy investments in India – EQ
Through long-term financing of EUR 25 million, OeEB supports AMPIN Energy Transition in growing its renewable energy portfolio and establishing a solar cell and module production facility in India.
New Delhi : AMPIN Energy Transition, a leading renewable energy transition company has announced investment from OeEB, the Development Bank of Austria. OeEB has committed EUR 25 million in long-term financing to support AMPIN Energy Transition in further expanding its renewable energy portfolio and establishing a local 1GW solar cell and module production facility in the state of Odisha. These investments not only support the government’s goal to scale up renewable energy capacities and reduce CO2-emissions but also to boost local manufacturing to enhance control over the supply chain for components crucial for transition efforts.
Increasing the share of renewable energy within the country’s energy mix remains a key priority of India’s government. According to its National Electricity Plan 2022-2027, renewable energy capacities are to be increased to 500GW by 2030 to meet half of the country’s growing energy requirements from renewable sources and achieve net-zero by 2070.
The transition is already rapidly on its way with renewable electricity growing at a faster rate in India than any other major economy. With an average of 300 sunny days per year, there is vast potential for solar energy which plays a key role in achieving these goals.
AMPIN Energy Transition with a total portfolio of 3 GWp across 21 states in India is committed to driving India’s energy transition. AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030 and this collaboration with OeEB is a pivotal step towards our vision of an energy-independent India.
“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.
“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. We are grateful for OeEB’s trust and support of our mission. 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.”said Pinaki Bhattacharyya, MD & CEO, AMPIN Energy Transition.
About AMPIN Energy Transition
AMPIN Energy Transition is India’s leading renewable energy transition company with a total portfolio of ~3GWp spread across 21 states in the country. Headquartered in New Delhi with regional offices in Mumbai, Bangalore & Kolkata, AMPIN is run by an industry leading team of professionals and backed by leading institutional investors from Europe, Asia and North America. AMPIN has a balanced portfolio C&I and utility customers, providing complete renewable energy transition solutions while reducing their operating costs. It has marquee customers across 10 diverse sectors such as Pharmaceuticals, Automobiles, Cement, Steel, Heavy Engineering, Infrastructure, FMCG, Educational Institutions, IT & Datacentres, Utilities and Government bodies.
About OeEB
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects.
