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    BP to Invest in Green Growth Equity Fund in India


The fund invests in zero carbon and low carbon energy solutions.

by: Shardul Sharma

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BP to Invest in Green Growth Equity Fund in India

BP will invest $70mn into the Green Growth Equity Fund (GGEF) in India, BP India said in a statement on July 7. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero- and low-carbon energy solutions in the country.

With the investment later this year, BP will become a limited partner in GGEF and have representation on its advisory committee, as well as gain rights to coinvest in projects alongside GGEF.

GGEF already includes investments from the government of India, through the National Investment and Infrastructure Fund, and the UK government, through the department for international development (DfID). It expects to reach about $700mn commitment at final close and grow further through leveraged capital options, BP India said.

“India is committed to the energy transition and pursuing a range of low carbon options for the future. BP is equally committed to reimagining energy in India,” Dev Sanyal, BP group’s executive vice president for gas and low carbon energy said. “Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models. It provides a unique platform for BP to accelerate its ambition in India and to co-invest in a variety of zero and low carbon energy solutions in the country.”

Earlier this year, BP announced its ambition to become a net zero company by 2050 or sooner. GGEF is managed by EverSource Capital, a joint venture between Lightsource BP and Everstone Capital. It is based in Mumbai and invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.

“Our investment in GGEF will aim to rapidly 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,” said Sashi Mukundan, the president of BP India.