NEW DELHI: British oil sector giant BP Plc announced Tuesday that it is planning to make a $70 million investment in India’s clean energy fund-Green Growth Equity Fund (GGEF). Established in 2018, the fund is focused on investing and supporting growth in zero-carbon and low-carbon energy solutions.
“With a commitment of $70 million, BP will, upon investment later this year, become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to co-invest in projects alongside GGEF,” BP said in a statement.
The GGEF includes as investors the Government of India’s National Investment and Infrastructure Fund (NIIF), and the UK government’s Department for International Development (DFID). GGEF is managed by EverSource Capital, a joint venture between Lightsource BP and Everstone Capital, and has invested in businesses such as Ayana Renewable Power, Radiance Renewables, GreenCell Mobility, and EverEnviro.
The fund is expected to reach about $700 million in pledged investments by the time it closes the first round. “India is committed to the energy transition and pursuing a range of low-carbon options for the future. BP is equally committed to re-imagining energy in India,” Dev Sanyal, BP Group’s executive vice-president for gas and low-carbon energy, said. It would also help BP accelerate its ambition in India and co-invest in a variety of zero- and low-carbon energy solutions.
Green growth
GGEF focuses on decarbonisation of energy and resource efficiency across target sectors. It invests in scalable operating companies and platforms spanning RE, energy storage, e-mobility, among others.