AMPIN Energy Transitions said on Friday it received an investment from OeEB, the Development Bank of Austria, for EUR 25 million (around ₹220 crore) in long-term financing.

The investment is to support AMPIN Energy Transition in further expanding its renewable energy portfolio and establishing a local 1GW solar cell and module production facility in the state of Odisha, AMPIN said.

These investments not only support the government’s goal to scale up renewable energy capacities and reduce CO2 emissions but also boost local manufacturing to enhance control over the supply chain for components crucial for transition efforts, it added.

The company has a total renewable energy portfolio of 3 GWp across 21 states in India and aims to build a portfolio of 10 GWp by 2030.

AMPIN Energy Transition MD & CEO Pinaki Bhattacharyya said, “AMPIN is committed to driving India’s energy transition, and our collaboration with OeEB is a pivotal step toward our vision of an energy-independent India. We are grateful for OeEB’s trust and support of our mission.”

Sabine Gaber, Member of OeEB’s Executive Board, said that supporting India’s transition to renewable energy is an important precondition for the country’s continued economic development and essential for the global fight against climate change. Green finance and comprehensive climate action are at the core of our new strategy.