EverSource Capital (EverSource) announced the final close of Green Growth Equity Fund (GGEF), reportedly India’s largest climate impact fund, at $741 million. The GGEF becomes one of the largest single-country funds focused on climate change, mitigation, and adaptation in emerging markets. It was formed with an anchor investment from India’s National Investment and Infrastructure Fund and the Foreign, Commonwealth and Development Office of the United Kingdom’s government.
EverSource is investing in climate change mitigation by focusing on energy decarbonization and resource efficiency, all while generating superior financial returns. The fund proactively invests in and builds climate-positive enterprises and platforms that span renewable energy, energy efficiency, e-mobility, resource conservation, waste and water management, and linked value chains. Its portfolio comprises Radiance, a renewable energy solution for commercial and industrial customers; e-mobility platform Greencell Mobility; utility-scale renewable energy platform Ayana; Integrated waste management platform Everenviro; and wastewater management platform Kathari.
In October 2021, the GGEF received a $70 million investment from the CDC Group, a UK government-owned development finance firm. Further, the funds will be used by the GGEF to support the development of ‘green infrastructure’ businesses in India. The fund is managed by its investment manager, EverSource Capital Private Limited which is the joint venture between Everstone Capital and Lightsource BP.