India’s Green Growth Equity Fund to receive $70 million from BP

The global oil and gas company, BP, has announced that it will invest $70 million in India’s Green Growth Equity Fund (GGEF). This will help BP become a limited partner in GGEF along with representation on its advisory committee and the ability to co-invest in projects with GGEF. GGEF was established in 2018 and supports zero and low carbon energy solutions. Investments in GGEF have come from the National Investment and Infrastructure Fund as well as the UK’s Department for International Development. GGEF is managed by EverSource Capital, a joint venture between LightsourceBP and Everstone Capital, and has invested in businesses like Ayana Renewable Power, Radiance Renewables, GreenCell Mobility and EverEnviro. Earlier this year, BP announced its ambition to become a net-zero company by 2050.

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