Amp Energy India To Raise Funds To Expand Capacity in Five Years: Report

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Amp Energy India has recently raised $200 million from Copenhagen Infrastructure New Markets Fund, the largest renewable energy fund globally

Delhi-based renewable company Amp Energy India is looking to raise more funds to set up 5-gigawatt (GW) capacity in five years, a senior company offcial told The Economic Times.

CEO and managing director, Pinaki Bhattacharyya said, “We have a medium-term plan to scale up to 5-GW capacity in the next five years… we are on a rapid growth path, we would continue to raise more capital to fund our expansion as required.”

He said that the company is focused on providing sustainable energy solutions to commercial and industrial, and utility customers. It provides end-to-end solutions across technologies such as solar, wind, hybrid, storage and energy trading.

Apart from this, he said that some of the major issues being faced by the solar sector in the country were policy uncertainty, increase in cost of supplies due to the imposition of duties, and delayed the signing of PPAs and PSAs by SECI and NTPC.

“Another issue that has recently come up and is affecting the sector is the Supreme Court order for solar projects in Rajasthan and Gujarat to protect the endangered bird, Great Indian Bustard,” added Bhattacharyya.

He said that the government must focus on project execution as the 175 GW renewable energy target in just 15 months away and make sure that all the tied-up capacity comes online in 2021 and 2022 so that the discoms and industry get the clean energy that they have been promised.

He said that a wind-solar hybrid project can improve peak power availability, feed better energy mix into the grid and promote storage solutions which would provide an opportunity for India to become a manufacturing hub of batteries.

Amp Energy India has recently raised $200 million from Copenhagen Infrastructure New Markets Fund, the largest renewable energy fund globally.

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