Climate Investor One is considering an investment opportunity in the development of two wind power projects (Balenahalli 38 MW and Mangoli 100 MW) in the state of Karnataka in India. CI1 will form a joint venture with AGP Group, a proven management team, to create a renewable energy platform in India, which will be known as Ampyr Energy India (Ampyr).
The Balenahalli project is expected to be operating by end of 2020 and the Mangoli project by end of 2021. Siemens Gamesa will supply the wind turbines and has been engaged to provide the engineering, procurement and construction (EPC) services for the Balenahalli Project.
Our Development Partner 

Ampyr Energy India Pte Ltd

We Invest

USD 3.14
million

Development Funding

Estimated Project Impact
  • 138 MW  additional capacity
  • 481 GWh/year clean electricity
  • 422,589 tCO2eq/year emissions avoided
  • 350 construction jobs 
  • 473,175 people reached 

Funding Rationale

The investment presents an attractive opportunity for CI1 for various reasons, which include:
CI1’s investment will be used to finance the construction of the project. This will enable grid customers to use more clean energy and reduce reliance on coal-fired power in India, reducing greenhouse gas emissions. 
Karnataka is the seventh-largest Indian state by land area (191,791 km2) and has been one of the most progressive states in terms of solar development, which has catalyzed renewable generation in the state (it now has the largest installed renewable capacity in India).
Contract Signature
Date

September 2019

Expected Commercial
Operations Date

2020/2021

Region 

South Asia

Country

India

Business Model 

IPP

Technology  

Wind
(138 MW)

Environmental & Social Category

B+

Sector

Wind

E&S Context

The E&S risk of the transaction has been classified as category B+ (in accordance with CI1’s risk categorisation), which is equivalent to International Finance Corporation (IFC) Category B. E&S impacts are limited and effective mitigation measures in line with international standards are available. No significant adverse risks have been identified. An IFC-compliant environmental and social impact assessment (ESIA) is currently being completed for both projects. Private land is being acquired through negotiated transactions. The proposed ESIAs will collect socio-economic data and review the land acquisition process. An environmental and social management plan (ESMP) will be implemented to manage potential E&S risks.

Disclosures

Here you can find and download all the relevant disclosure documents for this project: