ICG, a UK-based alternative asset management company, said it has invested $50 million in renewable energy company Amp Energy India Pvt. Ltd, marking the debut transaction by its Asia Pacific infrastructure investment team.
ICG has also acquired an option to pump an additional $50 million into Amp Energy, the company said in a statement.
ICG’s APAC infrastructure investment team is located across Asia. It focuses on mid-market transactions and corporate-led deals. ICG made the final close on its Asia Pacific Infrastructure Fund IV at $1.1 billion last year. This is its flagship infrastructure investment vehicle in the continent. The May 2022 final close had exceeded its $1 billion target.
Apart from its latest India investment, the three-decade-old London Stock Exchange-listed investment firm – having assets under management of $80.2 billion – has invested across markets like Hong Kong, Australia, New Zealand and Southeast Asia.
Meanwhile, Amp India, founded in 2016, manages a portfolio of around 2.7GW across 15 states. It is a part of the Amp Energy Group, which is present across several geographies including the US, Canada, Japan, Spain and Australia. The company develops both commercial and industrial projects, as well as utility projects, adopting multiple technology solutions such as ground-mounted solar, wind/solar hybrid, floating solar, and rooftop solar.
“The rapidly growing demand for renewables and energy transition solutions throughout India presents an opportunity in the market that we are well-positioned to capitalise on across the value chain,” said Devarshi Das, head of ICG Asia Pacific Infrastructure. “We believe in the management team’s capabilities and are confident in the company’s ability to execute on its growth strategy and scale effectively,” he added.
The investment into Amp India comes just three weeks after the company won a 150 MW wind-solar hybrid tender to develop an interstate transmission system in an auction conducted by the Kolkata-based power utility company CESC.
In August 2021, Amp India had raised $100 million from Danish investment firm Copenhagen Infrastructure Partners through its Copenhagen Infrastructure New Markets Fund I.
India has an ambitious target of adding another 145 GW of renewable energy over the next five years, making the country an attractive destination for foreign investors looking to take long-term bets on the solar and wind power sector.