I Squared backs India rooftop solar player
Global infrastructure investor I Squared Capital has invested an undisclosed sum in Amplus Energy Solutions, an India-based owner and operator of distributed rooftop solar power.
The company was founded in 2012 and is run by executives who have previously worked at solar players such as AES Solar and NTPC. The new capital will go toward a centralized monitoring facility outside New Delhi and expanding project and field teams nationwide. Amplus has ambitions to become a market leader in India and Southeast Asia, and is in the process of establishing an office in Singapore.
It constructs and operates distributed rooftop solar projects for industrial and commercial customers under long-term power purchase agreements. Rooftop solar power eliminates the need for costly and inefficient transmission by generating and consuming electricity within the same area. The Indian government wants to develop 40 gigawatts of rooftop solar by 2020.
"Meeting such a goal requires substantial investment from both the public and private sectors," said Gautam Bhandari, a partner at I Squared, in a statement. "We are proud to partner with Amplus to bring this efficient and sustainable technology to more customers in India and beyond."
Other recent Indian solar deals include a $40 million investment in Applied Solar Technologies, which provides off-grid power to the telecom and banking industries, led by Australia's Future Fund and featuring several existing investors. Kotak Mahindra Group and European Investment Bank Group (EIB) also committed INR2 billion ($32.7 million) to SolarArise India Projects.
I Squared was set up by a group of former Morgan Stanley executives, including Bhandari, the Asia infrastructure head. The firm closed its debut fund - ISQ Global Infrastructure Fund - in April at $3 billion. It targets energy, utilities and transport in North America, Europe, and select high-growth economies.
Previous Asia investments include the purchase of an Indian toll road from IJM Corp. in 2014 for $85 million. I Squared also has exposure to wastewater treatment plants in China and other road and logistics projects in India.
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