I Squared Capital to invest in Indian DG solar co Amplus - report
Rooftop solar system in India. Author: Coshipi. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
New York-based infrastructure investment manager I Squared Capital has committed to invest USD 150 million (EUR 131.2m) in Indian distributed solar firm Amplus Energy Solutions Pvt Ltd, newspaper Mint said on Monday.
Amplus intends to use the funds to grow its operations in India and Asia as a whole, an unnamed person aware of the development told the paper, adding that an announcement will be made shortly.
Subsequently, an external spokesperson for Amplus confirmed the news for Mint. I Squared Capital, however, did not answer emails sent by the paper.
India has large potential for generating solar power from rooftop systems and arrays installed on wastelands around buildings, Yes Bank said in a report earlier this month, as cited by Mint. The country’s goal is to have 40,000 MW of rooftop solar arrays by 2022. At present, it only has 300 MW of installed rooftop solar capacity.