Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure New Markets Fund I (CI NMF), has signed an agreement with Amp Energy India (Amp India) to jointly invest more than $200m in renewable energy projects in India.

Amp India and CI NMF aim initially to develop a 1.7GWp renewable project portfolio, which will deliver clean energy to commercial and industrial (C&I) and utility customers.

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The portfolio will feature 900MWp of capacity and consist of solar photovoltaic (PV) and hybrid wind and solar PV late-stage projects.

It also includes projects with 800MWp of collective capacity, which are in the earlier stages of development.

Amp India co-founder, managing director and CEO Pinaki Bhattacharyya said: “CIP is the world’s leading renewable energy-focused infrastructure fund manager and their significant domain expertise is a strong value addition, in addition to being a capital partner.

“Both will be critical to success as we diversify our portfolio to include solar, wind and hybrid in moving towards providing dispatchable clean energy to our C&I and utility customers.

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“This is a key milestone as we march towards our goal of creating the first truly balanced and complete renewable power producer with a 5GWp target.”

CIP has agreed to invest $100m under the agreement, which is said to be CI NMF’s first transaction in India and its largest commitment since the fund was founded in 2019.

CI NMF partner and head Niels Holst said: “As one of the world’s most dynamic and competitive renewable energy markets, India is a key focus for CI NMF.

“We are delighted to take this first important step together with a great partner in Amp, which combines an excellent track record and shared values in developing and realising projects.”

Last November, CIP agreed to invest in a portfolio of 27 onshore wind farms being developed in Aragon, Spain, together with Spanish renewable energy company Forestalia.