Siemens Financial Services has invested $50 million in India's clean energy future.
Energy Monitor reported on the investment in AMPIN Energy Transition, India's leading renewable energy transition company. Founded in 2016, the renewable energy solution provider helps commercial and industrial customers lower their energy costs and reduce their carbon footprints.
"We are proud to invest in AMPIN, providing our financial expertise to support India and AMPIN's customers in their renewable energy transition," said Siemens Financial Services Equity Finance CEO Steffen Grosse, per Energy Monitor.
According to AMPIN Energy Transition, Siemens' investment will enable the company to scale its renewable energy initiatives and speed up India's transition to clean energy.
Clean, affordable energy is critical for India, the world's most populous country and home to more than 1.4 billion people. More than 70% of India's electricity comes from dirty coal. The country is the third-largest emitter of planet-warming gases behind China and the United States. Six of the world's most polluted cities are in India, according to NBC News.
This pollution is costly. In 2019, air pollution resulted in the deaths of 1.67 million people and an estimated $36.8 billion in economic losses.
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Only about 10% of India's electricity comes from renewable sources. The country's goal is to generate 500 gigawatts of clean energy by the end of the decade, according to The Associated Press.
India is expanding affordable energy projects, including a floating solar power plant. Another solar and wind project will be large enough to be seen from space.
The transition has already saved India billions of dollars. The Supreme Court is tightening regulations to keep India's air clean.
"Equipped for significant growth, India offers amazing long-term investment opportunities as the country strives to strengthen renewable energy growth across the value chain," said Grosse, per Energy Monitor.
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Do you think your city has good air quality? Click your choice to see results and speak your mind. |
Definitely 🥰 While some environmental, social, and governance policies were flawed, continued investments from sustainability-focused businesses such as Siemens prove that clean energy is financially smart for long-term growth.
We all stand to benefit from the cleaner air and cheaper energy these investments provide.
"In addition to capital, Siemens also brings strategic advantages, being a global leader in energy technology, making them an ideal partner for our long-term growth," said Pinaki Bhattacharyya, AMPIN Energy Transition's founder, managing director, and CEO, per Energy Monitor.
"This partnership will also enable us to leverage cutting-edge technology and best-in-class solutions to expand our renewable energy footprint," said Bhattacharyya.
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