Copenhagen Infrastructure Partners has signed an investment agreement with Indian power company Amp Energy to jointly spend over $200m to develop 1700MW in the latter’s home market.
The partnership will develop and construct a portfolio that comprises around 900MWp in late-stage solar PV and hybrid wind/solar PV projects, and an additional 800MWp of projects in the earlier stages of development.
The deal, signed through CIP’s Copenhagen Infrastructure New Markets Fund I (CI NMF), is the fund’s first in India and the largest since its establishment in 2019. CIP has committed $100m to the partnership.
EY was the exclusive financial advisor and Indus Law acted as legal advisor to AMP India. KPMG India acted as exclusive financial advisor and Trilegal as legal advisor to CI NMF.
Amp India boss Pinaki Bhattacharyya said: “CIP is the world’s leading renewable energy focused infrastructure fund manager and their significant domain expertise is a strong value addition, in addition to being a capital partner.
“Both will be critical to success as we diversify our portfolio to include solar, wind and hybrid in moving towards providing dispatchable clean energy to our C&I and Utility customers.”
CIP partner Niels Holst said: “As one of the world’s most dynamic and competitive renewable energy markets, India is a key focus for CI NMF and we are delighted to take this first important step together with a great partner in Amp, who combine an excellent track record and shared values in developing and realising projects.”