Green Infrastructure | January 25, 2022

Green infrastructure fund raises $741 million for renewable energy and efficiency in India

Roodgally Senatus and Amy Cortese
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha Editor

Amy Cortese

ImpactAlpha, January 25 — The Green Growth Equity Fund will be managed by Mumbai-based EverSource Capital, a joint venture between Indian private equity investor Everstone and BP’s renewable energy arm Lightsource BP.

EverSource will invest in renewable energy, energy efficiency, e-mobility, resource conservation, waste and water management. The company’s goal is to build a portfolio in support of India’s COP26 commitment to develop 500 gigawatts of non-fossil fuel energy capacity by 2030.

The U.K.’s CDC Group invested $70 million as part of its billion-dollar climate funding commitment for India by 2026.

Climate finance

The fund’s portfolio companies include renewable energy developer Radiance Renewables, utility-scale Greencell Mobility and waste management companies EverEnviro and Kathari.

“Our investments have the potential of generating 450+ billion kilowatt-hours of clean energy, avoiding 450+ tons of CO2 emissions, creating tens of thousands of jobs and adding over $5 billion to the Indian economy over the next decade,” said EverSource’s Dhanpal Jhaveri.

Green wave

India’s renewable electricity is growing at a faster rate than any other major economy, according to the International Energy Agency.

This month, Reliance Industries, led by Indian billionaire Mukesh Ambani, said it would invest $80 billion in Gujarat state to develop renewable power and manufacturing for solar panels, fuel cells and electrolyzers. In October, TPG Rise Climate teamed up with Abu Dhabi’s ADQ to invest $1 billion in the electric vehicle unit of India’s Tata Motors.