Amplus makes solar acquisition
Rooftop solar capacity at 40,000mw by 2022.
Amplus Energy Solutions Private Limited, one of India’s leading solar developers and a portfolio company of I Squared Capital, has acquired the portfolio of commercial and industrial rooftop projects of SunEdison India (SEI).
Spread across India, the facilities provide on-site renewable power to leading Indian and global corporate customers.
Sanjeev Aggarwal, Managing Director and CEO of Amplus said, “Amplus Solar is excited to acquire this high-quality portfolio. We have grown rapidly since an equity investment by I Squared Capital in June 2015.
“Following this acquisition, Amplus will operate over 150 distributed generation and rooftop systems across India. Amplus provides integrated project delivery, operations and maintenance to commercial and industrial customers. We continue to develop our rooftop portfolio and evaluate acquisitions in the renewable energy sector in India and beyond,” he said.
Amplus recently partnered with Walmart to provide solar power at fifteen Best Price Modern Wholesale stores across five states.
In April 2016, Amplus commissioned India’s largest single-location rooftop solar installation for captive use of 4,000 kW for Yamaha Motors.
Rooftop solar is expected to grow rapidly from a current capacity of about 525 MW to the Indian government target of 40,000 MW by 2022.
The inherent advantages of distributed solar include speedy implementation, no transmission losses and use of “idle spaces,” like factory sheds and building terraces, making it optimal for generating renewable energy, especially in markets like India where land is at a premium.
Amplus recently received the National Excellence Award from the indian government for rooftop project development at the first ever workshop on rooftop solar conducted by Ministry of New and Renewable Energy (MNRE).
It owns and manages a portfolio of operational and under-construction plants totaling more than 30,000 kW, serving more than 25 customers at over 200 locations. fii-news.com
