EQT commits $50bn to India by 2030, with $30bn targeting data centres
Swedish private equity group EQT plans to invest around $50 billion in India by 2030, with $30 billion earmarked for data centre development, $5 billion for renewable energy, and US$15–20 billion directed to private equity.
So far, EQT has already committed about $10 billion to Indian data centres and plans to add another US$20 billion by 2030, primarily via EdgeConneX—its global data centre arm—and AdaniConneX, a joint venture with Adani Enterprises. The nation's data centre capacity, currently near 1 GW, is projected to rise to 5 GW by 2030, fueled by increasing demand from hyperscalers for AI and cloud infrastructure.
Since entering the Indian market, EQT has cumulatively invested $26 billion, initially focusing on technology services before branching into healthcare and, more recently, digital infrastructure. According to EQT Group chair Jean Eric Salata, India is “one of our most important markets globally, not just within Asia,” and he highlighted the country’s substantial role in EQT’s future growth strategy due to the scale of opportunities available.
With a US$50 billion commitment, this initiative stands out as one of the largest single private equity and infrastructure investment programs announced for India, reflecting a shift in how significant global private capital views the market. Data centres, which received minimal institutional private equity investment in India five years ago, now represent the largest share of EQT’s planned deployment at US$30 billion, compared to $15–20 billion for traditional private equity (such as technology services and healthcare) and $5 billion for renewables.
Notably, EQT's renewable energy allocation complements its extensive international experience in solar, wind, and hybrid energy projects, and the planned India investments will significantly contribute to the country’s project finance sector. The AdaniConneX joint venture is particularly important as it combines EQT's international data centre expertise (via EdgeConneX) with Adani’s strengths in land acquisition, permitting, and power infrastructure within India, addressing two major barriers to hyperscale data centre growth in the country.
EQT is also developing an Early Stage Asia Strategy, targeting Series B and Series C technology enterprises with equity investments ranging from US$20–50 million for 3–10% ownership stakes. Additionally, the firm is assessing AI-centric companies as part of this plan, positioning itself across the entire lifecycle of Indian technology businesses—from early-stage ventures to mature buyouts—alongside the supporting infrastructure for the AI sector.
Hari Gopalakrishnan, co-head of Private Capital Asia, pointed out that India’s buyout market has expanded sevenfold over the past 13 years, partly because more founders are seeking succession planning with sector expertise, which remains a key driver for buyout funds beyond current AI and data centre trends.
Specifically for India’s energy and infrastructure landscape, EQT’s planned $5 billion in renewables and US$30 billion in data centres could create a combined demand for 4–5 GW of clean power just to serve its own data centre operations—presenting a significant opportunity for captive renewable energy procurement and reinforcing the logic behind India’s integrated solar and renewable-plus-storage project platforms.
Norfund’s $100m AMPIN investment targets $700m in clean-energy capital
Norfund, the Norwegian government’s investment arm for developing economies, has pledged up to US$100 million in equity to AMPIN Energy Transition via the Norwegian Climate Investment Fund, as announced in New Delhi on September 21, 2026.
This funding is intended to facilitate the creation of around 2 GW of new solar and wind power projects in India, supported by energy storage, with a target completion by 2028. Norfund anticipates that its US$100 million investment will attract up to US$700 million in additional private investment, combining co-invested equity and project-level debt.
With this new funding, AMPIN’s total equity raised approaches US$1 billion, enabling the company to deploy more than US$4 billion across its project pipeline.
Currently, AMPIN manages 2.5 GW of operational renewable capacity within a broader portfolio of 6.3 GW and 5.5 GWh, serving clients in sectors like pharmaceuticals, automotive, cement, steel, data centres, and utilities. AMPIN also operates solar manufacturing facilities with 1.3 GW of cell and 1.9 GW of module capacity, making it a leading integrated renewable energy player in India.
The Norfund investment brings a unique element to AMPIN’s capital structure, extending beyond the headline US$100 million. Development Finance Institution (DFI) equity, such as Norfund's, differs from conventional private equity: it generally offers longer investment horizons, less immediate pressure for returns, and signals to other investors and lenders, thereby lowering perceived country and project risk.
Norfund’s total active portfolio stands at US$4.5 billion, with investments spanning Sub-Saharan Africa, South and Southeast Asia, and Latin America.
The institution has a history in India’s renewables sector, including previous stakes in ReNew Power and Enel Green Power India. The Norwegian Climate Investment Fund is specifically mandated to catalyze private investment beyond its own direct capital, and its aim to mobilize US$700 million for every US$100 million invested—a 7:1 leverage ratio—is typical for DFI-led co-investment structures, signifying the fund’s role in attracting rather than replacing private capital.
This latest investment follows AMPIN’s recent US$195 million project finance deal with SMBC and Rabobank for a 100 MW hybrid plant in Andhra Pradesh, as reported in Indoen’s August 22 edition, and a preceding US$50 million infusion from FMO, the Dutch development bank.
The aggregation of capital from Norwegian, Dutch, Swedish (via the SMBC/Rabobank facility), and North American institutions into a single Indian renewable platform within a year highlights a trend: European development funds are increasingly selecting India’s clean energy industry as a key investment avenue, not just for ESG or compliance reasons, but as a viable, returns-driven infrastructure opportunity.
Norfund’s goal is to help AMPIN reach 10 GWp of installed capacity by 2030—a figure its EVP, Bjørnar Baugerud, noted as equivalent to a quarter of Norway’s total installed power generation.
This comparison underscores the scale advantage of India’s renewables sector relative to Norfund’s home market and helps explain why large, sovereign-backed development investors are now prioritising Indian platforms over smaller markets in South Asia and Africa.
Indian Oil’s $256m Kochi-Thoothukudi pipeline closes South India’s gas gap
Indian Oil Corporation has announced plans to invest ₹2,449 crore (approximately US$256 million) to build and operate a 424.65-kilometre natural gas pipeline linking Kochi in Kerala with Thoothukudi in Tamil Nadu, passing through Kanyakumari. The pipeline is designed to transport up to 6.84 million standard cubic metres of natural gas per day (MMSCMD), with 1.71 MMSCMD designated as common carrier capacity, allowing third-party access for gas transport.
The pipeline’s route strategically connects three major southern locations: Kochi, Kerala’s primary commercial hub and home to Petronet LNG’s 5 MTPA regasification facility; Kanyakumari, marking the southern tip of India’s mainland; and Thoothukudi, an important industrial port city in Tamil Nadu. This project will, for the first time, establish a direct physical gas corridor linking Kerala’s LNG import infrastructure to the demand centres of southern Tamil Nadu.
However, Indian Oil has not disclosed a specific timeline for construction or commissioning.
This new Kochi-Thoothukudi pipeline is intended to bridge a longstanding gap in the southern segment of India’s natural gas network. Despite its 5 MTPA capacity, Petronet LNG’s Kochi terminal has been underutilised because it lacks adequate downstream connectivity—the intended Kochi-Koottanad-Bangalore-Mangaluru (KKBM) pipeline has faced delays and remains incomplete, leaving Kochi’s LNG infrastructure disconnected from key northern demand nodes.
In contrast, Indian Oil’s new pipeline will take a southern route from Kochi through Kanyakumari to Thoothukudi, linking LNG import capacity directly to industrial and power consumers in southern Tamil Nadu rather than pursuing the more contentious northward route to Karnataka and Andhra Pradesh.
A notable aspect of this project is the allocation of 1.71 MMSCMD of capacity for third-party, or open-access, use. This common carrier arrangement means the pipeline will operate as public infrastructure, not merely for Indian Oil’s exclusive use. This could enable city gas distribution firms, industrial clients, and power plants in southern Tamil Nadu to access competitively priced LNG-based gas, supporting more open and flexible supply arrangements rather than relying solely on long-term contracts.
The approach aligns with India’s long-standing ambition to develop a unified national gas grid with transparent and fair access—a goal that has often been stated but only partially achieved. From a clean energy perspective, the pipeline also adds new flexibility: gas-fired power plants in southern Tamil Nadu, an area with significant wind and solar generation, will have improved access to LNG supplies via the common carrier segment. This supports system balancing and the integration of variable renewable energy sources, addressing the region's growing need for grid flexibility.
