BP invests $70 mn in NIIF's Green Growth Equity Fund, becomes a partner

GGEF focuses on decarbonization of energy and resource efficiency across target sectors.
Global energy manager BP has invested $70 million in the Green Growth Equity Fund (GGEF), promoted by the National Investment and Infrastructure Fund (NIIF) and the UK government. BP will also be a limited partner and have representation on the fund’s advisory board.

According to an official statement, this investment will aid GGEF in rapidly scaling up no carbon and low carbon solutions that are commercially viable. This will also help India achieve its climate goals. It also provides a platform for BP to co-invest in a variety of green projects in India alongside GGEF.

EverSource Capital is the fund manager of GGEF. It has a target of $700-million green infrastructure fund with anchor investments of over $340 million from NIIF and the Department for International Development, Government of UK.

Dev Sanyal, BP group’s executive vice-president for gas and low carbon energy, said, “India is committed to the energy transition and pursuing a range of low carbon options for the future. BP is equally committed to reimagining energy in India. Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models. It provides a unique platform for BP to accelerate its ambition and to co-invest in a variety of zero and low carbon energy solutions in the country.”

Sashi Mukundan, president, BP India and senior vice-president, BP Group, said the investment will aim at rapidly scaling up commercially viable low carbon solutions. “The portfolio and scale of investments made by GGEF — be it in solar power, mobility solutions or sustainable infrastructure management — is extraordinary. Each one of these will help India achieve its climate goals.”


On the investment by BP, Dhanpal Jhaveri, chief executive officer, EverSource Capital, and vice-chairman, Everstone Group, said, “EverSource is committed to investing in India’s rapidly scaling green sector and providing renewable energy (RE) solutions in the country. As we work towards accomplishing the climate goals and the ambitious RE targets set by the Government of India, BP’s global expertise in the low carbon and zero carbon energy value chain will be an added benefit towards realising those goals. BP, a global energy major, investing in GGEF is an endorsement of the work done by the EverSource team.”  

GGEF focuses on decarbonisation of energy and resource efficiency across target sectors. It invests in scalable operating companies and platforms spanning RE, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chains.

The fund’s investment portfolio spans across sectors. Its first investment was in a utility scale RE platform with a target of 6 gigawatt (Gw) in five years, called Ayana Renewable Power.

Radiance Renewables is the second investment of GGEF, which is a distributed RE platform focused on developing, owning and operating assets for residential, commercial, and industrial customers. Radiance has a target of having an operating portfolio of 1.5 Gw in four years.

The third investment of the fund is an e-mobility focused platform called GreenCell Mobility, which aims at becoming the largest pan-Indian e-MaaS (e-mobility as a service) company in India, by leveraging proven global experience, developments in e-mobility technology, and the Government of India’s strong push for electrification of transportation in India.

EverEnviro is the fourth investment of GGEF, which is envisioned to create India’s leading integrated waste management platform handling over 20,000 tonnes per day of municipal solid waste and industrial waste.



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