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India,Italy,United Kingdom : ITALIAN AMARANTO GROUP launched an investment vehicle to buy PV projects in INDIA.

Amaranto Group, an Italian renewable energy sector player, has announced the launch of an investment vehicle in India, called Amaranto Solar Power India, for the purpose of acquisition of PV projects in the country.

The RE firm has also been successful to get exclusive rights to buy a 110MW solar project located in the Western India region for an amount of around US$80 million.

The newly set up Indian division intends to secure US$100 million in the first half of this year, and another US$200m by the end of 2017.

The firm hopes to acquire 500MW of capacity by the next year.

Through its own EPC unit Energia Prima, Amaranto will serve as the general contractor for the 110MW power station, which was tendered by the Solar Energy Corporation of India (SECI). Moreover, the company will serve as the co-investor and industrial operator of the power plant and deliver O&M and asset management support services.

The newly set up Indian vehicle, backed by the London-headquartered Amaranto Global Asset Management (GAM), will be led by the companys managing partner and chief executive Rodolfo Bigolin.

Bigolin has revealed that the company is involved in due diligence process for projects of another 200MW. It plans to take part in tender procedures, settle private power purchase agreements (PPAs), and buy third-party developments.

The Amaranto Group CEO and Founder Antonello Amoroso commented, This is another big step forward in our global expansion; many others will follow in the near future. In an always challenging market, boldness and the perseverance always rewards the best projects.

Last year the group entered into the Indian market as part of a joint venture with CPEC Energy, with offices in New Delhi.

Amaranto plans to develop and construct solar PV projects of 500MW in different states of India covering the next three-to-four-year period.

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Publication:Mena Report
Geographic Code:9INDI
Date:Apr 13, 2017
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