2030 Finance | October 25, 2021

CDC Group invests $70 million in BP-backed climate fund for India

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, October 25 – Momentum behind green infrastructure is growing in India, even though the country has yet to update its ‘nationally determined commitment’ less than a week before the COP26 climate summit in Glasgow.

The Green Growth Equity Fund from EverSource Capital, a joint venture between Indian private equity firm Everstone and BP’s renewable energy group Lightsource BP, is targeting infrastructure investments that support India’s low-carbon transition and mitigate climate impacts. Target sectors include renewable energy, energy efficiency, e-mobility and waste and water management.

GGEF’s strategy is to roll up small companies with complementary services. “By consolidating lots of smaller companies with similar business models under one roof, the platform can achieve both operational efficiencies and scale,” the CDC says, which invested $70 million as part of a $1 billion in climate funding commitment for India by 2026.

The fund’s early portfolio includes commercial renewables company Radiance, utility-scale renewables company Ayana, e-mobility venture Greencell Mobility, waste management company EverEnviro and wastewater management venture Kathari.