AMPIN Energy Transition Secures €25 Million Investment from OeEB to Expand Renewable Energy Operations

AMPIN Energy Transitions, a prominent player in India's renewable energy sector, announced on Friday a significant investment infusion from OeEB, the Development Bank of Austria, amounting to EUR 25 million (approximately ₹220 crore) in long-term financing.

The injection of funds is earmarked to bolster AMPIN Energy Transition's endeavors in expanding its renewable energy portfolio. Particularly noteworthy is the establishment of a local 1GW solar cell and module production facility slated for Odisha, as outlined by AMPIN.

Notably, these investments align closely with the governmental objectives of ramping up renewable energy capacities and curtailing CO2 emissions. Furthermore, they underscore a strategic thrust towards bolstering local manufacturing capabilities, crucial for ensuring control over the supply chain of components pivotal for the transition to renewable energy, AMPIN emphasized.

Presently, AMPIN boasts a renewable energy portfolio spanning 3 GWp across 21 states in India. Looking ahead, the company harbors ambitions of scaling up its portfolio to 10 GWp by the year 2030.

Commenting on the development, Pinaki Bhattacharyya, Managing Director & CEO of AMPIN Energy Transition, articulated, “AMPIN is resolutely committed to propelling India's energy transition, and our collaboration with OeEB marks a significant stride towards realizing our vision of an energy-independent India. We extend our sincere appreciation to OeEB for entrusting us and backing our mission.”

Sabine Gaber, a Member of OeEB’s Executive Board, underscored the importance of supporting India's transition to renewable energy, highlighting its indispensable role in the country's sustained economic advancement and the broader global imperative of combating climate change. She emphasized that green finance and holistic climate action form the cornerstone of OeEB's new strategy.

HBL