UK and India form $711 million renewable energy investment fund

Lightsource BP and Indian private equity fund Everstone Group will create a US$711 million renewable energy investment fund, acting on behalf of the UK and India in a new alliance.

The fund, named Green Growth Equity Fund (GGEF), has been created to support the growth of renewable energy and clean technology in India.

In a joint statement, the firms revealed the fund will be launched with an initial budget of $341 million to be shared equally by the British and Indian governments.

The funds will be invested into renewable energy projects including solar and wind energy, along with low-carbon technologies such as electric vehicle charging stations.

GGEF aims to increase this fund to $711 million through tapping institutional investors, along with ‘significant investment’ from Lightsource and Everstone, according to Lightsource BP’s CEO Nick Boyle.

“India is one of the fastest and most dynamic markets for clean energy in the world, and we are delighted to be jointly working on the fund,” he said.

India has an installed renewable energy capacity of 60GW, but the country’s Prime Minister Narendra Modi intends to double this figure by 2022-23.