Ampin Energy Eyes $300-Million Funding For Renewable Energy Expansion To 5 GW By 2025

Ampin Energy Transition Pvt. is in the process of raising $300 million from global investors as it aims to reach 5 GW renewable energy generation capacity by 2025.

The company, through its asset partners, is raising the fund to meet its upcoming expansions in solar-wind generation projects, gigawatt-scale solar manufacturing plants, and hydrogen businesses won under the Production-Linked Incentive Scheme.

According to Pinaki Bhattacharyya, managing director of Ampin Energy, India is in transition mode and needs massive renewable energy capacities, including wind, solar, and hydrogen, till 2047 and beyond. "We are expanding our renewable energy capacity to 5 GW by 2025 from 4 GW at present and aim to reach 10 GW by 2030," Bhattacharyya said.

To achieve this capacity expansion, the company will require around $1 billion in equity over the next few years, with debt requirements expected to be three times that of equity. Ampin Energy has already raised $700 million from global investors and is confident of raising the additional $300 million in equity from mostly European and Japanese investors.

Bhattacharyya added that the funds raised will be rupee denominated and not dollar denominated. The company is also likely to tap the domestic market and may look at an initial public offering in the near future. "Although many companies of our size have filed for an IPO, we want to reach a certain size before we go for an IPO," Bhattacharyya said.

Ampin Energy's value proposition lies in its ability to take any company in India to 100% renewable, particularly in the commercial and industrial sector, he said.

The company has created an industrial presence in 21 states across the country, enabling it to partner with corporations and provide renewable energy supply across the country through distributed generation within factories, he added.