ICG joins $250m round for Amp Energy India
Intermediate Capital Group (ICG) has joined a USD 250m investment in Amp Energy India, a renewable power platform serving various industrial and utility segments.
SMBC Bank of Japan and Asian Infrastructure Investment Bank (AIIB) also participated. They join an existing investor base including several global infrastructure players, as well as Lightrock India, a private equity firm focused on sustainability formerly known as LGT Lightstone Aspada.
ICG contributed at least USD 50m to the current round via its fourth Asia Pacific fund, according to AVCJ Research. It is the first investment by a specialised Asia-focused sustainable infrastructure team established by the private equity firm last December.
The new team, comprising five investment professionals based in Singapore and Sydney, is led by Devarshi Das, who previously served as CEO of infrastructure at Keppel Capital Alternative Asset.
“The rapidly growing demand for renewables and energy transition solutions throughout India presents an enormous opportunity in the market that we are well positioned to capitalise on across the value chain,” Das said in a statement.
Founded in 2016 as an arm of Canada’s Amp Energy Group, Amp Energy India positions itself as the country’s first “truly balanced” independent renewable energy producer. Operations are diversified across solar, wind, hybrids, storage, and energy management. Its total portfolio has 2.7 gigawatts of capacity across 17 states.
Customer segments encompass heavy industries such as steel and cement, to pharmaceuticals, automobiles, packaged goods, data centres, utilities, and government bodies. The company claims to be able to cater to their short, medium, and long-term requirements.
ICG’s Asia activity spans sponsorless or corporate transactions, mezzanine finance, and balance sheet repair and restructuring. With USD 1.1bn in commitments, Fund IV primarily focuses on the first of these, providing bespoke and complex capital structures. Cheque sizes are normally in the USD 100m range.
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