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). With this, BP will become a limited partner in the GGEF and get representation on its advisory committee. It will be able to co-invest in projects with the GGEF, which supports zero-and low-carbon energy solutions. GGEF’s investments come from the National Investment and Infrastructure Fund as well as the UK’s Department for International Development. It is managed by EverSource Capital, a joint venture between Lightsource BP and Everstone Capital, and has invested in businesses like Ayana Renewable Power, Radiance Renewables, Green Cell Mobility and EverEnviro. Earlier this year, BP announced its goal to become a net-zero company by 2050.

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