The money will also help to expand Ampin’s solar PV manufacturing operations in India, according to Norfund, which the firm is backwardly integrating from its main C&I and utility-scale deployment business. In April, the company opened a 1.3GW solar cell production facility in Odisha alongside fellow Indian solar firm Jupiter International.

Pinaki Bhattacharyya, founder, managing director, and chief executive officer of Ampin Energy Transition said the investment “reaffirms” Ampin’s business model and place in the Indian energy industry.

“Notably, [Ampin] is now the only energy transition company in India to attract leading investors from Europe, North America and Asia,” he said. “Besides capital, Norfund also brings to Ampin a range of strategic advantages, being a global leader in energy investments, making them an ideal partner for our long-term growth.”

Norfund framed its investment around the volatile global energy market and the impact of the ongoing war in Iran. It said the issues in the Strait of Hormuz were pushing up global power prices and incentivising some governments to bet on new cheap coal generation. It said that India had 43GW of new coal power under construction.

“At a time of high gas prices, the use of cheap coal is increasing in several places around the world. That is why it is crucial that countries in economic growth gain access to capital that makes investments in renewable energy possible,” said Åsmund Aukrust, Norway’s minister of development.

Bjørnar Baugerud, executive vice president for renewable energy and head of the Climate Investment Fund at Norfund, said: “If coal power wins, it will lock the world into enormous emissions.

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