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BP has announced its intention to invest into the Green Growth Equity Fund (GGEF). The fund, established in 2018, is focussed on identifying, investing, and supporting growth in zero carbon and low carbon energy solutions in India, according to a company statement.
“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,” the statement said.
GGEF already includes investments from the Government of India, through the National Investment and Infrastructure Fund (NIIF), and the UK Government, through the Department for International Development (DfID). It expects to reach about $700-million commitment at final close and grow further through leveraged capital options, the statement added.
Sashi Mukundan, President at BP India and senior vice-president, BP group, said, “Our investment in GGEF will aim to scale-up commercially viable low carbon solutions. The portfolio and scale of investments made by GGEF - be it in solar power, mobility solutions or sustainable infrastructure management - is extraordinary. Each one of these will help India achieve its climate goals.”
The GGEF is managed by EverSource Capital, a joint venture between Lightsource bp and Everstone Capital, and has invested in businesses like Ayana Renewable Power, Radiance Renewables, GreenCell Mobility and EverEnviro.
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