bp has announced its intention to invest into the Green Growth Equity Fund (GGEF) in India. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in the country.
With a commitment of US$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.
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 US$700 million commitment at final close and grow further through leveraged capital options.
Earlier this year, bp announced its ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. As part of this ambition, one of its 10 aims is to increase the proportion of investments into non-oil and gas businesses.
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.
GGEF is based in Mumbai, India, and invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.
Read the article online at: https://www.energyglobal.com/special-reports/16072020/bp-to-support-indias-renewables-sector/