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BP invests USD 70 mn in Green Growth Equity Fund

Wednesday, 08 Jul 2020
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UK-based BP has invested USD 70 million in the Green Growth Equity Fund (GGEF), promoted by the National Investment and Infrastructure Fund (NIIF) and the UK government. BP will also be a limited partner and have representation on the fund’s advisory board. 
 
This investment will aid GGEF in rapidly scaling up no-carbon and low-carbon solutions that are commercially viable. It also provides a platform for the company to co-invest in a variety of green projects in India alongside GGEF. 
 
EverSource Capital is the fund manager of GGEF and it has a target of USD 700 million green infrastructure fund with anchor investments of over USD 340 million from NIIF and the Department for International Development, government of UK. The investment will aim at rapidly scaling up commercially viable low carbon solutions.
 
GGEF focuses on decarbonisation of energy and resource efficiency across target sectors. It invests in scalable operating companies and platforms spanning RE, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chains. 
 
The fund’s investment portfolio spans across various sectors. Its first investment was in a utility scale renewable energy platform with a target of six GW in five years, called Ayana Renewable Power. 
 
Radiance Renewables is the second investment of GGEF, which is a distributed renewable energy platform focused on developing, owning and operating assets for residential, commercial, and industrial customers. Radiance Renewables has a target of having an operating portfolio of 1.5 GW in four years. 
 
Another investment of the fund is an e-mobility focused platform called GreenCell Mobility, which aims at becoming the largest pan-Indian e-mobility as a service(e-MaaS) company in India, by leveraging proven global experience, developments in e-mobility technology, and the government of India’s strong push for electrification of transportation in India. 
 
The fourth investment of GGEF is in EverEnviro which is envisioned to create India’s leading integrated waste management platform handling over 20,000 tpd of municipal solid waste and industrial waste.

 

 
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