Bengaluru, India, 6 May 2026: Climate Fund Managers, a climate-focused blended finance investment manager, and Ampyr Energy, the renewable energy platform of AGP Sustainable Real Assets, announce the successful commissioning of the Somasamudra Phase 1 solar PV plant in Karnataka, India. 

The milestone, which was celebrated with an event yesterday, marks the fourth project delivered under the Ampyr Renewable Energy platform, demonstrating a scalable and repeatable model for delivering commercial and industrial (C&I) renewable energy projects in India. Ampyr Energy is building a growing renewable energy portfolio in India, with over 500 MW of operational and under-construction capacity, alongside a pipeline of projects under development.

The project was supported by Climate Investor One (CIO), a blended finance facility focused on renewable energy infrastructure in emerging markets, managed by Climate Fund Managers and supported by the European Union. This investment reflects the European Union’s strong partnership with India on climate action, a priority reaffirmed at the 16th India–EU Summit. Through the partnership, both partners are accelerating decarbonisation by supporting industrial transition, scaling up green hydrogen and expanding renewable energy capacities. 

Located in Ballari District, the 67.5 MWp (50 MWac) open access solar PV project supplies renewable electricity to C&I offtakers, enabling businesses to access long-term, predictable clean power while reducing reliance on fossil fuel-based grid electricity. Following completion of development in August 2025, the project progressed through construction, grid connection and regulatory approvals, and is now fully operational. 

Somasamudra Phase 1 is expected to generate over 118 GWh of clean electricity annually, avoiding over 97,000 tonnes of CO₂ emissions each year, which is equivalent to the power used by approximately 125,000 people in India. The project supported around 250 jobs during construction and is expected to sustain approximately 45 jobs during operations.

India’s C&I sector is a key driver of electricity demand growth, with businesses facing rising and increasingly volatile power costs alongside growing pressure to decarbonise operations. In Karnataka, many businesses rely on grid electricity with a significant fossil fuel component and limited access to scalable renewable alternatives. By providing a grid-connected open access solar solution, Somasamudra enables C&I customers to secure lower-cost, lower-carbon electricity while supporting corporate decarbonisation targets.

CIO combines public and private capital, with concessional funding deployed strategically to de-risk projects and enable private investment. Through CIO’s Development Fund, early-stage capital was deployed to fund critical activities such as permitting, land acquisition and technical studies, helping bring the project to bankability. This was followed by an equity investment from CIO’s Construction Equity Fund to fund the plant’s construction.

Jirong Lim, Investment Director at Climate Fund Managers, said: “The commissioning of Somasamudra Phase 1 highlights the strength and repeatability of the platform approach, moving projects efficiently from early-stage development through to operations. As the fourth project delivered under the Ampyr platform, it also marks the first to be constructed using recycled capital, demonstrating how we can deploy capital more efficiently to scale investment in India’s commercial and industrial renewables sector.”

Rajkumar Roy, CEO of AMPYR India, said: “Somasamudra Phase 1 reflects the strength of our partnership with Climate Fund Managers and our shared commitment to delivering renewable energy solutions for commercial and industrial customers in India. The successful commissioning of this project demonstrates our ability to execute projects at pace while maintaining high standards across development, construction and operations.”

H.E. Ambassador Hervé Delphin, EU Ambassador to India said, “By utilising blending instruments to de-risk solar infrastructure, we are accelerating a new era of clean power for the industry. This project empowers businesses to transition away from fossil-fuel-dependent grids in favour of reliable, renewable energy, highlighting the strong partnership between the EU and India in driving the global energy shift.”

The project supports a Community Development Programme in the neighbouring community. To date, the programme has provided medical check-ups and distributed medicine to 142 villagers. It is expected to expand following ongoing stakeholder consultations.

Climate Fund Managers and Ampyr Energy will continue to scale the platform across India, supporting the delivery of additional renewable energy projects for commercial and industrial customers and contributing to the country’s energy transition.

The EU has contributed EUR 88.3million to CIO as part of the Global Gateway, the EU’s strategy for building sustainable and trusted infrastructure. To date, the Global Gateway has mobilised over EUR 300 billion of high-quality investments worldwide, prioritising the needs of partner countries and ensuring lasting benefits for local communities. With a total contribution of EUR 178 million to date, complimented by a EUR 205 million EFSD+ guarantee, the EU remains the largest public investor in Climate Fund Managers’ managed funds operations. These resources are instrumental in de-risking infrastructure projects and accelerating the global transition to clean energy.

More information:https://www.eeas.europa.eu/delegations/india/climate-fund-managers-and-ampyr-energy-announce-commissioning-somasamudra-solar-plant-india_en