BP to invest US$ 70 million in India's Green Growth Equity Fund

UK’s energy major, BP plans to invest US$ 70 million in the Green Growth Equity Fund (GGEF) with an aim to rapidly scale-up commercially viable low carbon solutions, the company said in a statement.

This is a two-year-old fund which already includes investments from India’s National Investment and Infrastructure Fund (NIIF), and the UK Government’s Department for International Development (DfID). It is expected to increase to about US$ 700 million commitment at final close and expand further through leveraged capital options, the company said.

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

“Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models,” said Mr Dev Sanyal, BP group’s executive vice president for gas and low carbon energy.

Previously this year, BP announced its ambition to become a net zero company by 2050 or sooner.

EverSource Capital, a joint venture between Lightsource BP and Everstone Capital, is responsible for managing GGEF. It has invested in businesses like Ayana Renewable Power, Radiance Renewables, GreenCell Mobility and EverEnviro.

GGEF invests in renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.