BP plc revealed Tuesday that it is investing $70 million in India’s Green Growth Equity Fund (GGEF).
Following its investment, BP will become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to co-invest in projects alongside GGEF. The fund, which was established in 2018, is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in India.
GGEF already includes investments from the Government of India, through the National Investment and Infrastructure Fund (NIIF), and the UK Government, through the Department for International Development (DfID).
“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,” Dev Sanyal, BP Group’s executive vice president for gas and low carbon energy, said in a company statement.
“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 in India and to co-invest in a variety of zero and low carbon energy solutions in the country,” Sanyal added.
Dhanpal Jhaveri, the CEO of EverSource Capital, which manages GGEF, said, “Eversource is committed to investing in India’s rapidly scaling green sector and providing renewable energy solutions in the country”.
“As we work towards accomplishing the climate goals and the ambitious renewable energy 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 realizing those goals,” Jhaveri added.
BP is one of the largest international energy companies in India, according to the company’s website, which shows that the business employs around 7,500 people in the country.
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