Amplus, PE fund set up Hexa Climate Solutions
New Delhi: Amplus founder Sanjeev Aggarwal and I Squared Capital have come together again to set up a climate solutions platform—Hexa Climate Solutions—which will focus on renewable energy, water and carbon oxides; wherein the New York-based private equity fund will invest around $500 million, said two people aware of the development. New York-based I Squared Capital is no stranger to India’s green economy and invested $150 million in Amplus Energy Solutions Pvt. Ltd in April 2015.
Hexa Climate Solutions will be its second innings together after Amplus Energy Solutions, one of India’s largest rooftop solar power producers was sold to Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd or Petronas in April 2019 for ₹2,700 crore. It also marked Petronas’ foray in the global clean energy space. While I Squared Capital held an over 90% stake in Amplus, the balance was held by the management led by Amplus founder and chief executive Aggarwal.
Hexa Climate Solutions will cater to the commercial and industrial (C&I) sector and offer services such as round-the-clock renewable generation, storage, and investments in carbon offset projects. I Squared Capital was also earlier looking to buy Continuum Green Energy (India) Pvt. Ltd for an enterprise value of around $1.5 billion.
It had emerged as the front-runner to acquire TPG Capital’s 52% stake in Hyderabad-based Fourth Partner Energy at an estimated equity value of around $350 million. “It is a great opportunity to work in climate solutions space at this time and I am really happy to be backed by I Squared Capital again," Hexa Climate Solutions chairman Aggarwal said in response to Mint’s queries. Queries emailed to an I Squared Capital spokesperson on Thursday
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