With this BP would become a limited partner in the equity fund, have representation on its advisory committee, and also the rights to co-invest in projects alongside GGEF, it added.
“Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models…,” said Dev Sanyal, vice-president for gas and low carbon energy, BP Group.
Earlier this year, BP had 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 was to increase the proportion of investments into non-oil and gas businesses.
“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,” said Sashi Mukundan, president-BP India and senior vice-president, BP Group.
The GGEF is managed by EverSource Capital, a joint venture between Lightsource BP and Everstone Capital, and has invested in businesses such as Ayana Renewable Power, Radiance Renewables, GreenCell Mobility and EverEnviro.
Mumbai-based GGEF includes investments from the Indian government, through the National Investment and Infrastructure Fund, and the UK Government, through the Department for International Development. It aims to reach about $700-million commitment at final close and grow further through leveraged capital options.