Distributed Solar Power Developer In India Attracts $150 Million Investment
There’s no stopping foreign investors and private equity funds investing in the Indian renewable energy sector.
Global infrastructure investment fund I Squared Capital has announced plans to invest $150 million in Amplus Energy Solution, a distributed solar power project developer in India. Unnamed sources linked to Amplus stated that the company has already received the investment from I Squared but an official announcement is pending.
Amplus plans to use the investment to expand its operation in India as prospects of distributed solar power in the country are tremendous. As per the revised targets under the National Solar Mission, India plans to have 100 GW installed solar power capacity by 2022, including 40 GW of small-scale projects including distributed projects like rooftop solar power systems.
While the Indian government has so far given emphasis to large-scale solar power projects, it is likely to soon give a similar thrust to the rooftop and distributed solar power market. The government is reportedly considering several incentives to increase the uptake of small solar power systems among the domestic, commercial, and industrial sector.
While industries have taken the lead in deploying rooftop solar power systems and captive solar power plants with an aim to reduce dependence on costly and, at time, inconsistent power supply from the utilities, consumers in the commercial and domestic segment are yet to adopt solar power systems in a major way.
Several utilities across Indian states have come out with programs to promote installation of solar power systems in the domestic segment. Some Indian banks, too, have started offering loans specifically for installation of rooftop solar power systems.
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It’s going to be awkward for Indian negotiators in Paris to claim that going renewable requires access to billions in concessionary finance subsidised by rich-country taxpayers. When Ethiopia says this, fair enough. India, no.
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