I Squared exits India's Amplus

Amplus was founded in 2013 and provides end-to-end solutions for rooftop and ground-mounted solar projects, catering to commercial and industrial customers in India, Southeast Asia, and the Middle East. The company has a capacity of more than 500 megawatts either operational or under development for over 150 clients in a range of industries including retail, education, healthcare, manufacturing, and food processing.

I Squared invested in Amplus in 2015, committing an undisclosed amount in support of the company’s expansion plans within India and overseas. Financial terms of the exit have not been revealed, though Indian media reports put the value of the deal at INR27 billion ($390 million).

“Under I Squared, Amplus grew by over 400% annually to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change,” said Gautam Bhandari, a founding partner at I Squared, in a statement. “We believe that Amplus will continue to play a leading role in building a greener future thanks to an outstanding management team and wish them and Petronas the best in their future endeavors.”

Petronas, established in 1974, is responsible for energy exploration, production, and delivery to meet the needs of Malaysia. The Amplus acquisition represents Petronas’ first renewable energy investment outside of Malaysia and is aimed at diversifying the company’s holdings beyond its traditional focus on oil and gas.

India’s renewable energy sector has seen growing interest from investors in recent years thanks to the government’s aggressive support focused on reducing pollution and achieving independence from foreign energy sources. According to India Brand Equity Foundation, a government-backed think tank, the country had 74.3 gigawatts of installed renewable power capacity as of October 2018, excluding large hydro projects.

The sector has produced several significant liquidity events for private equity investors, including last year’s IPO of ReNew Power, in which Goldman Sachs, Abu Dhabi Investment Authority, and Global Environment Fund all made partial exits. ReNew also provided Actis Capital with an exit from Ostro Energy, acquiring the renewable energy platform for an undisclosed amount.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Infrastructure
• Cleantech
• Trade sale
• India
• energy
• I Squared Capital
• Exit