Via its ISQ Global Infrastructure Fund, I Squared Capital will invest $150 million in Amplus, which owns and operates distributed solar rooftop projects in India. With this investment, Amplus is seeking to expand its solar footprint in both India and in Southeast Asia.
"Rooftop solar installed by Amplus allows industrial and commercial customers to lower their electricity bills with no upfront capital costs," said Sanjeev Aggarwal, CEO of Amplus.
"We provide construction capital, guaranteed implementation timelines as well as ongoing operations and maintenance. Our power purchase agreements offer customized tariff options lower than grid tariffs – the resulting savings can begin from day one of installation. 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."
Amplus is currently developing a centralized monitoring facility in the outskirts of New Delhi, according to local reports. The company’s portfolio contains diverse rooftop solar projects for industrial and commercial customers under long-term PPAs.
Partner at I Squared Capital, Gautam Bhandari stated that meeting the targeted Indian renewable energy goal of 40 GW of rooftop solar by 2020 required investment from both the public and private sectors.