New Delhi, May 6 (PTI) A climate-focused blended finance investment manager and a renewable energy platform have announced the successful commissioning of a solar plant in Karnataka, the Delegation of the European Union to India said on Wednesday.
Somasamudra Phase 1 solar PV plant is expected to generate over 118 GWh of clean electricity annually, avoiding over 97,000 tonnes of CO2 emissions each year, which is equivalent to the power used by approximately 1,25,000 people in India, it said in a statement.
“By utilising blending instruments to de-risk solar infrastructure, we are accelerating a new era of clean power for the industry. This project empowers businesses to transition away from fossil-fuel-dependent grids in favour of reliable, renewable energy, highlighting the strong partnership between the EU and India in driving the global energy shift,” EU envoy Hervé Delphin was quoted as saying in the statement.
The project supported around 250 jobs during construction and is expected to sustain approximately 45 jobs during operations, it said.
“Climate Fund Managers, a climate-focused blended finance investment manager, and Ampyr Energy, the renewable energy platform of AGP Sustainable Real Assets, announce the successful commissioning of the Somasamudra Phase 1 solar PV plant in Karnataka, India,” the statement said.
This marks the completion of the fourth project delivered under the Ampyr Renewable Energy platform, backed by Climate Fund Managers’ European Union-supported Climate Investor One Fund.
Climate Fund Managers operates in emerging markets across Africa, Asia, and Latin America. It raises and deploys blended climate finance funds, working in partnership to deliver climate-resilient solutions at scale and pace.
AMPYR Energy is the global renewable energy platform of AGP Sustainable Real Assets, a Singapore-based investor, asset manager and developer with a strategic focus on developing and operating ‘Sustainable Real Assets’: transformative infrastructure assets that make positive contributions to satisfying the UN SDGs, it said.
AMPYR Energy develops, owns and manages the construction and operation of renewable energy generation assets, with operations in India, Australia, Continental Europe, the United Kingdom and the US, the statement said.
The Delegation of the European Union to India said the milestone was celebrated with an event on Tuesday.
Ampyr Energy is building a growing renewable energy portfolio in India, with over 500 MW of operational and under-construction capacity, alongside a pipeline of projects under development, it said.
The project was supported by Climate Investor One (CIO), a blended finance facility focused on renewable energy infrastructure in emerging markets, managed by Climate Fund Managers and supported by the European Union, the statement said.
This investment reflects the European Union’s strong partnership with India on climate action, a priority reaffirmed at the 16th India-EU Summit. Through the partnership, both partners are accelerating decarbonisation by supporting industrial transition, scaling up green hydrogen and expanding renewable energy capacities, it added.
Jirong Lim, Investment Director at Climate Fund Managers, said: “The commissioning of Somasamudra Phase 1 highlights the strength and repeatability of the platform approach, moving projects efficiently from early-stage development through to operations.
“As the fourth project delivered under the Ampyr platform, it also marks the first to be constructed using recycled capital, demonstrating how we can deploy capital more efficiently to scale investment in India’s commercial and industrial renewables sector.” Climate Fund Managers and Ampyr Energy will continue to scale the platform across India, supporting the delivery of additional renewable energy projects for commercial and industrial customers and contributing to the country’s energy transition, it said. PTI KND RHL RHL
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