Company NewsI Squared Capital partners with Amplus on rooftop solar PV in India

August 28, 2015
The current Amplus rooftop PV portfolio contains projects for diverse customers, including leading multinational companies

I Squared Capital (New York, U.S.) through its ISQ Global Infrastructure Fund, on August 24th, 2015 announced an investment in Amplus Energy Solutions Private Limited (Amplus, Gurgaon, India), an owner and operator of distributed rooftop solar photovoltaic (PV) systems in India.

Amplus constructs and operates distributed rooftop solar PV projects for industrial and commercial customers under long-term power purchase agreements (PPAs).

Rooftop PV eliminates the need for costly and inefficient transmission by generating and consuming electricity within the same area. According to the Central Electricity Authority (CEA), power generation in India produced 0.82 metric tons of carbon dioxide for every megawatt hour of net electricity generated in 2014.

In contrast, Amplus generates power with zero emissions, while at the same time enabling its customers to lower their long-term electricity costs.

Amplus seeks to expand its footprint and become a leader in rooftop solar in India, Southeast Asia

With the investment from I Squared Capital, Amplus seeks to expand its footprint and become a leader in rooftop solar in India and Southeast Asia, reads the press release. Amplus is setting up a state-of-the-art centralized monitoring facility in the outskirts of Delhi and growing its project and field teams across India.

Under the Modi government, the Ministry of New and Renewable Energy has targeted the development of 40 gigawatts of rooftop solar by 2020.

“Meeting such a goal requires substantial investment from both the public and private sectors,” said Gautam Bhandari, Partner at I Squared Capital.

“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.”