Green Growth Equity Fund To Invest $1 Billion In Indian RE Space

The Green Growth Equity Fund is looking to invest over $1 billion in Indian renewable energy (RE) space. The fund is a joint venture between private equity firm Everstone Capital and global solar project developer Lightsource BP.

The National Investments and Infrastructure Fund (NIIF) of India and the UK government are anchor investors in Green Growth Equity Fund.

EverSource’s mandate is to make green investments largely around decarbonization of energy and its uses, including transportation, which differentiates it from other infra-focused investors operating in India, and are looking only at heavy assets such as wind and solar power firms.

“Energy decarbonization is centered around using renewable as a source, whether it be solar, wind, offshore wind or hybrid, and provide it as clean energy to customers. In transportation, there is likely to be a rapid transition to electric mobility as costs of battery decrease. So, we are looking at investing in all those spaces. There is also the added agenda of investing in resource conservation, waste to energy, energy efficiency, water treatment, recycling, etc,” said Dhanpal Jhaveri, managing partner, Everstone Capital and chief executive officer (CEO), EverSource Capital.

Reference- livemint