EverSource closes India climate impact fund on $741m
EverSource Capital has reached a final close of USD 741m on what is being called India’s largest climate impact fund.
Green Growth Equity Fund (GGEF) received anchor investments from India’s National Investment & Infrastructure Fund and Foreign, Commonwealth & Development Office, as well as the UK government.
The vehicle was launched in 2017 with a target of GBP 500m (USD 680m) and a view to developing London into a base for the Indian government to raise capital from global markets. Energy giant BP made a USD 70m LP commitment in 2020.
EverSource was set up as a joint venture between Lightsource BP, a renewable power developer backed by BP, and Everstone Capital, an India-focused GP based in Singapore, specifically to manage GGEF. It is described as one of the largest single-country funds focused on climate change, mitigation, and adaptation in the developing world.
GGEF promotes the decarbonisation of energy and resource efficiency by backing digital, rapidly scalable climate-positive businesses and platforms spanning renewable energy, energy efficiency, e-mobility, resource conservation, waste-and-water management, and associated value chains. It claims to be focused on generating “superior” investment returns.
EverSource said the strategy is in line with the pledges India made at the UN’s recently concluded COP26 climate conference and well-positioned in terms of government projects related to solar energy, waste management, clean transportation, and pollution reduction in the Ganges river. Core portfolio holdings include solar and wind project development platform Ayana Renewable Power.
“EverSource aims to be a key catalyst for bringing climate finance into India as our investments have the potential of generating 450bn-plus kilowatt-hours of clean energy, avoiding 450m-plus tons of C02 emissions, creating tens of thousands of jobs and adding over USD 5bn to the Indian economy over the next decade,” Dhanpal Jhaveri, CEO of EverSource, said in a statement.
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