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India solar power developer draws $150 million investment

India solar power developer draws $150 million investment

Solar power is hot around the world right now, and interested parties are looking for smart ways to invest. That’s good news for the industry, especially for developers who are able to attract the interest and funding of private equity investors. One such developer is Amplus Energy Solutions, a solar power project developer that offers rooftop solar options in India. This week infrastructure investment firm I Squared Capital announced that it will be investing $150 million in the growth of the solar company.

According to reports, Amplus aims to use this expand its operations in India, where the government has plans to drastically increase solar projects. In a statement to the press made earlier this week, Amplus CEO Sanjeev Aggarwal commented on the benefits that this investment from I Squared Capital will grant to the company’s solar goals:

“We provide construction capital, guaranteed implementation timelines as well as ongoing operations and maintenance. Our power purchase agreements offer customised tariff options lower than grid tariffs. With sizeable backing from I Squared Capital, we now have the resources and capital to build a leading distributed solar company in India and Southeast Asia.”

 

Gautam Bhandari, partner at I Squared Capital, also weighed in on the equity firm’s investment in Amplus and the green energy potential it is bringing to Southeast Asia:

 

“Meeting such a goal requires substantial investment from both the public and private sectors. We are proud to partner with Amplus to bring this efficient and sustainable technology to more customers in India and beyond. Amplus is setting up an office in Singapore to pursue opportunities there as well as in other Southeast Asian countries.”

 

India’s government currently has plans to reach 40 GW of rooftop-based solar power by 2020. With investments like this, those are plans that can be achieved.

 

[SOURCE: PVTech; Clean Technica]

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