Lightsource BP and Indian private
equity fund Everstone Group announced on Wednesday the creation of a 500 million pound ($711
million) fund to invest in renewableenergy
and clean technology in India.
The fund, named Green Growth Equity Fund(GGEF), was launched
with an initial warchest of 240 million pounds shared equally by the British
and Indian governments, the two firms said in a statement.
The fund aims to increase its investment to 500
million pounds which will be raised from institutional investors as well as a
"significant investment" from Lightsource and Everstone, Lightsource
BP Chief Executive Officer Nick Boyle told Reuters.
The investments will span across renewables such
as solar and wind as well as low-carbon technologies such as electric vehicles
charging stations, Boyle said.
India is one of the fastest-growing markets for
India currently has around 60 gigawatts (GW) of
installed renewable capacity, but plans to add a further 115 GW by 2022 which
could cost at least $125 billion.
BP acquired a 43 percent stake in Lightsource