GGEF already includes investments from the Central government through the NIIF, and the UK government, through the DfID
In line with its vision to become a net-zero company by 2050 or sooner, BP is aiming to increase the proportion of investments into non-oil and gas businesses
New Delhi: Energy major BP (British Petroleum) has announced its intention to invest $70 million into the GGEF (Green Growth Equity Fund) in India on Tuesday. The GGEF, established in 2018, is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in the country. With a commitment of $70 million, BP will, upon investment later this year, 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.
GGEF already includes investments from the Central government through the NIIF (National Investment and Infrastructure Fund), and the UK government, through the DfID (Department for International Development). It expects to reach about $700 million commitment at final close and grow further through leveraged capital options.
‘BP investment in GGEF aligned with strategy of investing in low-carbon energy’
Dev Sanyal, BP Group’s executive vice president for gas and low carbon energy, said: “India is committed to 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 in India and to co-invest in a variety of zero and low carbon energy solutions in the country.”
Earlier this year, BP announced its ambition to become a net-zero company by 2050 or sooner, and to help the world get to net zero. As part of this ambition, one of its 10 aims is to increase the proportion of investments into non-oil and gas businesses.
Sashi Mukundan, BP president (India) and senior vice president, BP group, added: “Our investment in GGEF will aim to rapidly scale-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.”
GGEF is based in Mumbai (India) and invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)