The UK-based BP plc said it will invest USD 70 million in the Green Growth Equity Fund (GGEF) that supports the growing renewable energy sector in India.
The fund, 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 USD 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,” the company said in a statement.
GGEF already includes investments from the Government of India, through the National Investment and Infrastructure Fund (NIIF), and the UK government, through the Department for International Development (DFID).
It expects to reach about USD 700 million commitment at the final close and grow further through leveraged capital options.
Earlier this year, BP announced its ambition to become a net-zero company by 2050 or sooner. As part of this, one of its 10 aims is to increase the proportion of investments into non-oil and gas businesses.