Global alternative asset manager ICG has announced a $50-million investment in renewable energy platform Amp Energy India (Amp India), marking its first investment through its Asia-Pacific Infrastructure team.
The investment will support Amp India’s growth plan to continue serving the growing demand for renewables in the country. ICG said it will work closely with Amp India’s management team.
Amp India, headquartered in New Delhi, has a total portfolio of about 2.7 gigawatts of renewable energy spread across 15 states in India. It has regional offices in Mumbai, Bangalore, and Kolkata.
The company was founded in 2016 and is backed by marquee investors. It operates in India’s renewables market, which is expected to add 145 gigawatts in the next five years on the back of large corporates’ decarbonisation commitments.
ICG, on the other hand, has over 30 years history, managing $74.5 billion of assets and investing across the capital structure. Listed on the London Stock Exchange, it commits to being a net zero asset manager across its operations and relevant investments by 2040.
Its Asia-Pacific Infrastructure team, located across Asia, focuses on mid-market transactions, corporate-led deals, and scaling platforms with a strong commitment to sustainable infrastructure.
“The rapidly growing demand for renewables and energy transition solutions throughout India presents an enormous opportunity in the market that we are well-positioned to capitalize on across the value chain,” said Devarshi Das, head of ICG Asia-Pacific Infrastructure.
ICG made a final close of its Asia Pacific Fund IV, its flagship strategy in Asia, at $1.1 billion in May 2022, exceeding a $1-billion target. The fund invests in debt and equity of mid-market businesses across Japan, South Korea, Hong Kong, Southeast Asia, Australia, and New Zealand.
In December last year, ICG joined a consortium that acquired PresMed Australia Pty Ltd from Advanced Health Limited. ICG invested through its Asia Pacific Fund IV.
The fund’s portfolio also includes Asian healthcare provider Canopy Healthcare; teleradiology provider Everlight Radiology; day hospital facilities provider Cura Day Hospitals.