Independent power producer AMPIN Energy Transition has secured funding of up to $35 million from responsAbility, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India.

The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will.

This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.

AMPIN has a diverse portfolio that exceeds 3GW, serving businesses and utilities across 21 states. With the backing of prominent global investors, AMPIN aims to reach 10 GW by 2030.

The funds will be used by AMPIN for various clean energy projects, especially solar power, for businesses and industries across different sectors in India.

This includes manufacturing, auto, healthcare, and data centers.

By 2030, AMPIN plans to increase its capacity tenfold and contribute to India’s ambitious goal of 500 GW of renewable energy.

Pinaki Bhattacharyya, MD & CEO of AMPIN Energy Transition, said, “We are happy to collaborate with responsibility as this investment will fuel our mission to become the leaders in driving the renewable energy transition for commercial and industrial customers. With this infusion of capital, we are poised to accelerate our efforts in expanding clean energy access, driving economic development, reducing carbon emissions and navigating the country towards a sustainable and self-sufficient energy future.”

responsAbility uses private markets to address key global challenges. They focus on three areas aligned with the UN’s Sustainable Development Goals (SDGs):

Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, said, “Our investment in AMPIN, a leader in the renewable energy sector, emphasizes our commitment to renewable energy in India, particularly the C&I solar market. Drawing from our past experiences in the sector, we recognize the value of partnerships in advancing sustainable investing. Through our partnership with AMPIN, we aim to contribute to a more resilient energy infrastructure in India.”

Since 2003, responsAbility has invested over $15.4 billion towards positive impact while generating financial returns. The company manages nearly $4.8 billion in assets across hundreds of companies in almost 70 countries.

Recently, AMPIN Energy Transition secured an investment from Oesterreichische Entwicklungsbank, the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing.

The company recently signed a power purchase agreement of 25 years for 6 MW rooftop solar projects with the Maharashtra Metro Rail Corporation for the Nagpur Metro Rail Project.

Under the production linked incentive program, AMPIN is eligible to receive a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of cells and modules.