BP invests US$70mn in Green Growth Equity Fund

British oil and gas major BP is set to invest in 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 become a limited partner in GGEF and have representation on its advisory committee, as well as 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) of GBP120 million (US$151.37 million), and the UK Government, through the Department for International Development (DfID) of GBP120 million (US$151.37 million). It expects to reach about US$700 million commitment at the final close and grow further through leveraged capital options.

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. EverSource has a long-term objective of becoming a leader in green infrastructure and climate change investing in India. 

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.