OeEB Invests In Ampin Energy For Indian Renewable Projects
Ampin Energy Transition announced on Friday that it has received a €25 million investment from OeEB, the Development Bank of Austria.
As per the statement, OeEB has committed long-term financing to support Ampin Energy Transition in expanding its renewable energy portfolio and establishing a local 1GW solar cell and module production facility in the state of Odisha.
These investments not only support the government’s goal to scale up renewable energy capacities and reduce CO2-emissions but also to boost local manufacturing to enhance control over the supply chain for components crucial for transition efforts, the company said.
“Supporting India’s transition to renewable energy is not only an important precondition for the country’s continued economic development but also essential for the global fight against climate change. Green finance and comprehensive climate action is at the core of our new strategy”, comments Sabine Gaber, Member of OeEB’s Executive Board.
Increasing the share of renewable energy within the country’s energy mix remains a key priority of India’s government. According to its National Electricity Plan 2022-2027, renewable energy capacities are to be increased to 500GW by 2030 to meet half of the country’s growing energy requirements from renewable sources and achieve net-zero by 2070.
The transition is already rapidly on its way with renewable electricity growing at a faster rate in India than any other major economy. With an average of 300 sunny days per year, there is vast potential for solar energy which plays a key role in achieving these goals.
Ampin Energy Transition with a total portfolio of 3 GWp across 21 states in India is committed to driving India’s energy transition. AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030 and this collaboration with OeEB is a pivotal step towards our vision of an energy-independent India.
“Ampin is committed to driving India’s energy transition, and our collaboration with OeEB is a pivotal step toward our vision of an energy-independent India. We are grateful for OeEB’s trust and support of our mission. United in this endeavor, we are poised to transform the renewable energy generation &solar manufacturing landscapein India, strengthening the nation's commitment to meet its ambitious renewable energy goals by 2030.”said Pinaki Bhattacharyya, MD & CEO, AMPIN Energy Transition.
