BP targets Indian renewables with US$70m growth fund investment

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: Flickr/Sanyam Bahga.

BP has invested US$70 million in a green growth fund launched by EverSource Capital, an India-focused fund manager co-founded by BP-backed solar firm Lightsource BP.

The investment will be made into EverSource’s Green Growth Equity Fund (GGEF) and used to support the fund’s bid to scale up commercially viable, low carbon energy solutions throughout India.

GGEF has a target of raising US$700 million, just under half which is made up of anchor investments from India’s National Investment and Infrastructure Fund and the UK government’s Department for International Development. Finance raised is then used to invest in operating companies in the renewable energy, energy storage, e-mobility and energy efficiency sectors, amongst others.

To date, two of its main investments have been heavily renewables and solar-focused. Ayana Renewable Power, which has a target of deploying 6GW of utility-scale renewables by 2025, is joined by Radiance Renewables, a provider of residential and C&I-scale renewables, which aims to have an operating portfolio of 1.5GW within four years.

EverSource Capital was founded in 2018 as a 50:50 joint venture between Lightsource BP and India and South East Asia-focused investor Everstone Group.

Dhanpal Jhaveri, chief executive at EverSource Capital, said BP’s global expertise in low carbon energy value chains would be an added benefit towards realising its targets.

Dev Sanyal, executive vice president for gas and low carbon energy at BP, said BP was 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,” he said.

Sashi Mukundan, president at BP India, meanwhile specifically namechecked solar power as an area of activity, stressing that the company’s investment in GGEF is aimed to “rapidly scale-up commercially viable low carbon solutions” while describing the portfolio and scale of investments GGEF has made so far as “extraordinary”.

News of the investment comes just days after it was confirmed that BP had also entered into a partnership with JinkoPower, the project development arm of ‘Solar Module Super League’ leader JinkoSolar, to target China’s C&I solar market.

Read Next

April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
PV Tech Premium
April 8, 2021
After a challenging year, India’s solar sector stands primed for something of a rebound. But a host of familiar issues, from the perilous state of DISCOMs to regulatory uncertainty, run the risk of stymying future growth. Vinay Rustagi, managing director at consultancy Bridge to India, talks to PV Tech about the future prospects for Indian solar.
April 8, 2021
Tata Power Solar has expanded its PV manufacturing facility in Bengaluru, India, taking the total production capacity of modules and cells to 1.1GW.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
April 6, 2021
LONGi Green Energy has confirmed the creation of a new business unit centred around the world’s nascent green hydrogen market.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021