UK energy giant BP has made a commitment to invest $70 million (£56m) to support the renewable energy industry in India.
It is providing the funding to the Green Growth Equity Fund (GGEF), based in Mumbai, India, which was established in 2018 to identify and support growth in zero and low carbon energy solutions in the South Asian country.
The GGEF invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.
With the investment, BP will become a limited partner in GGEF and have representation on its advisory committee as well as the rights to co-invest in projects alongside the Fund.
Dev Sanyal, BP Group’s Executive Vice President for gas and low carbon energy 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.
“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.”
GGEF has already received 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).
The Fund is managed by EverSource Capital, a joint venture between Lightsource BP and Everstone Capital.