The Climate Investment Fund, managed by Norfund, will invest up to $100 million in AMPIN Energy Transition. The investment will support the development of around 2 GW of new solar and wind power capacity backed by energy storage in India by 2028.
With the investment, AMPIN aims to reach 10 GWp of installed capacity by 2030. Norfund expects its $100 million investment to mobilise up to $700 million in private capital through a mix of equity and loans. Furthermore, the projects are estimated to avoid around 3.1 million tonnes of carbon emissions annually once operational.
