Amplus, PE fund set up Hexa Climate Solutions

PE fund I Squared Capital to invest $500 mn in climate solutions platform

- Utpal Bhaskar

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 offsets; 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.