India’s AMPIN Energy Transition on Monday said it secured an equity investment of up to $100 million from Norway’s Norfund, giving the Indian renewable energy company fresh backing to expand operations.
The investment will support commercial and industrial projects, utility-scale renewable projects and other energy transition businesses, AMPIN said.
The company said that it has now raised nearly $1 billion in overall equity to support more than $4 billion of capital deployment.
Norfund, the Norwegian government’s investment fund for developing countries, invested in the Norwegian Climate Investment Fund, marking a deeper push into India’s clean energy market.
Norfund has previously invested in India’s renewable energy sector through firms such as ReNew Power and Enel Green Power.
The deal also broadens foreign investor support for India’s renewable energy sector, as it pushes towards its target of 500 GW of non-fossil fuel power generation capacity by 2030.
AMPIN said part of the funding would help expand its manufacturing business, alongside renewable power generation.
Reuters
