Case
Wind energy
Photovoltaics
Solar thermal energy
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Founded in 2012, CIP today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore- and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, Power-to-X and advanced bioenergy.
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Copenhagen Infrastructure Partners (CIP), among the largest renewable energy-focused fund managers globally, has signed an investment agreement through its Copenhagen Infrastructure New Markets Fund I (CI NMF) with Amp Energy India Private Limited (“Amp India”). The agreement enables joint equity investments in excess of USD 200 million in renewable energy projects in India, with the potential for future expansion.
There is a large and growing need for new energy infrastructure outside of North America and Europe. One of the fastest-growing markets for renewable energy is India. It is estimated that India will be one of the world’s largest markets for renewable energy in the coming years. Working towards carbon neutrality by 2070, India needs to incorporate enormous amounts of renewable energy to support its growing needs.
India is the world’s third-largest energy consumer and has committed to reducing emissions intensity by 33-35 percent by 2030, compared to 2005 levels. Emerging markets, like India, are tremendously important in terms of economic growth in carbon emissions. Populations and societies are demanding more energy, economies are advancing, and it is strategically important for us to be where the growth is ultimately going to be.
CIP’s New Market Fund has been set into the world to pursue new growth opportunities by exploiting CIP’s existing industrial skills, networks, and de-risking approach to create value investors – combining some of the industry’s most experienced investors with CIP’s proven ability to design, construct and commission world-class projects.
One of the investments that have come through the New Markets Fund, has been to support the growing renewable energy market in India. Through the so-called Unicus project, an investment agreement with the Indian power company Amp Energy has been signed to jointly spend over $200 million USD in renewable energy projects in India, with the potential for future expansion.
The project is the fund’s first in India and will be the largest since its establishment in 2019. CIP has committed $100 million USD to the partnership.Emerging markets such as India have a different dynamic than more established markets. As typical for emerging markets, Unicus projects are smaller than traditional CIP projects, and the governance and project delivery approach is scaled to reflect that. Equally, procurement construction and financing can also vary from what CIP is used to in established markets, so active collaboration is critical.
Unicus, the first joint venture project with Amp India, was commissioned in March 2022, two more are under construction and many more progressing rapidly. The partnership with Amp India will develop and construct a portfolio of 1.7 GW initially, with the ambition to add additional projects over time. The portfolio comprises c. 900 MWp in late-stage projects (solar PV and hybrid wind/solar PV) and an additional c. 800 MWp of projects in earlier stages of development. The projects is set to provide power to both utilities and commercial and industrial customers.
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