AMPIN Energy Transition builds solar, wind and battery-backed power projects for Indian businesses and utilities. On September 21, the company said it secured up to $100 million of equity from Norfund, Norway’s development-finance institution, through the Norwegian Climate Investment Fund. The money will support AMPIN’s share of new renewable projects and its push into solar manufacturing.
For a commercial customer, AMPIN can put solar at the customer’s site or supply electricity from a larger off-site project under a bilateral power-purchase agreement, group-captive structure or third-party sale. It also develops utility-scale projects that sell to government buyers and electricity distributors. The result is two sales channels: direct supply to businesses and contracted power for the grid.
Norfund says AMPIN combines solar and wind with batteries to develop round-the-clock renewable power. The company is also taking part of its supply chain in-house through solar-cell and module manufacturing. That pairing matters because AMPIN is selling customers a power supply, not simply developing a single class of generation asset.
Norfund says AMPIN currently operates 2.5 gigawatts peak of renewable capacity within a 6.3-gigawatt-peak portfolio. It also lists 1.3 gigawatts of solar-cell manufacturing capacity and 1.9 gigawatts of module capacity. The new equity is intended to help add about 2 gigawatts of renewable capacity by 2028, while the company targets 10 gigawatts installed by 2030.
AMPIN says the deal takes total equity raised to nearly $1 billion, supporting more than $4 billion of capital deployment. Norfund expects its investment to help mobilize up to $700 million more in a mix of equity and loans. Neither announcement disclosed Norfund’s ownership stake or the timing and conditions for reaching the $100 million ceiling.