I Squared Capital partners with Amplus

Amplus constructs and operates distributed rooftop solar projects for industrial and commercial customers under long-term power purchase agreements.

Rooftop solar power eliminates the need for costly and inefficient transmission by generating and consuming electricity within the same area.

According to the Central Electricity Authority (CEA), power generation in India produced 0.82 metric tonnes of carbon dioxide for every megawatt hour of net electricity generated in 2014.

In contrast, Amplus generates power with zero emissions, while at the same time enabling its customers to lower their long-term electricity costs.

The current Amplus portfolio contains projects for diverse customers, including leading multinational companies.

Amplus was founded in 2012 and is run by veterans of the power industry with extensive experience in global companies like AES, NTPC, Mirant and SBI Capital Markets. With the investment from I Squared Capital, Amplus seeks to expand its footprint and become a leader in rooftop solar in India and Southeast Asia.

Amplus is setting up a state-of-the-art centralized monitoring facility in the outskirts of Delhi and growing its project and field teams across India.

Distributed or rooftop solar is a green technology that can provide significant economic and environmental benefits.

Under the Modi government, the Ministry of New and Renewable Energy has targeted the development of 40 gigawatts of rooftop solar by 2020.

“Meeting such a goal requires substantial investment from both the public and private sectors,” said Gautam Bhandari, Partner at I Squared Capital. “We are proud to partner with Amplus to bring this efficient and sustainable technology to more customers in India and beyond. Amplus is setting up an office in Singapore to pursue opportunities there as well as in other Southeast Asian countries.”

“Rooftop solar installed by Amplus allows industrial and commercial customers to lower their electricity bills with no upfront capital costs,” said Sanjeev Aggarwal, CEO of Amplus. “We provide construction capital, guaranteed implementation timelines as well as ongoing operations and maintenance. Our power purchase agreements offer customized tariff options lower than grid tariffs—the resulting savings can begin from day one of installation. With sizeable backing from I Squared Capital, we now have the resources and capital to build a leading distributed solar company in India and Southeast Asia.”