BP to invest USD 70 million in India’s Green Growth Equity Fund

NEW DELHI: UK’s energy major BP will invest $70 million in the Green Growth Equity Fund (GGEF) with an aim to rapidly scale-up commercially viable low carbon solutions, the company said in a statement.

The two-year-old fund already includes investments from India’s National Investment and Infrastructure Fund (NIIF), and the UK Government’s Department for International Development (DfID). The fund expects to reach about $700 million commitment at final close and grow further through leveraged capital options, the company said.

Following its investment later this year, BP will become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to coinvest in projects alongside GGEF, the company said.