Eversource, a climate impact investor in India, has received catalytic concessional capital from the US Department of State and the United States Agency for International Development (USAID) through its programme Blended Finance for Energy Transition (BFET) and the Investment Fund for Developing Countries (IFU) under the Danish Development Finance Institution (DFI).  

This was announced at the UN climate change conference COP28 by John Kerry, US Special Presidential Envoy for Climate. 

Eversource will launch innovative financial vehicles to deploy capital in India, Indonesia, Vietnam, and other South and Southeast Asia markets to address both the supply (renewable energy, energy storage, energy efficiency, waste-to-energy sectors) and demand (e-mobility, urban sustainability, sustainable food and agriculture) sides of an inclusive transition to clean energy, according to a press release. 

The release does not mention the quantum of funds received by Eversource.

However, a US Department of State press release says that the total grant funding under its BEFT program is “over $ 1.4 billion”, which is to be given to two award winners – Eversource Capital and responsAbility Investments AG.

The two winners “are launching innovative financial vehicles that will accelerate the just energy transition in South and Southeast Asia,” the press release said.

Dhanpal Jhaveri, CEO, Eversource Capital, said, “Eversource’s selection for the catalytic concessional capital by USAID and IFU, Denmark, was the result of a rigorous process of evaluation of over 30 fund managers from across the globe. This catalytic capital will provide the impetus to mobilise private capital at scale and deploy in climate business across developing Asian economies, driving the twin outcomes of financial returns and climate impact.” 

The fund will leverage an active investment strategy and owner-operator approach and lend expertise to portfolio companies to improve performance and impact, the release says. 

Eversource is an India-based climate investment manager which has deployed deploying over $740 million via India’s largest climate impact fund. Its investments focus on energy transition, industrial decarbonisation, and urban sustainability.