Amplus Energy Solutions Private Limited (“Amplus”), 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.”
Guru Inder Singh, Chief Operating Officer, Amplus added, “Amplus prides itself on the quality of its plants and the service provided to its clients. The facilities acquired from SunEdison India were built using high-quality equipment and Amplus is implementing its proprietary remote monitoring and in-house data collection systems to ensure high uptimes and power outputs to existing customers.”
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. Amplus has partnered with leading Indian and multi-national companies like Dominos, Hilton Hotels, Fortis Hospitals and others to meet their sustainability and carbon-reduction objectives. The acquisition adds relationships with global companies including Intel, Amway, Standard Chartered Bank, Whirlpool and Delhi Metro among others and will cement Amplus’ leading position in the commercial and industrial rooftop solar sector in India.
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.