UK-based energy major The British Petroleum Company plc (BP) on Tuesday said it will invest $70 million into the Green Growth Equity Fund (GGEF) 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 $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," BP said in a press 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 $700 million commitment at final close and grow further through leveraged capital options.
"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," said Dev Sanyal, BP group’s executive vice president for gas and low-carbon energy.
Earlier this year, BP announced its ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. As part of this ambition, one of its 10 aims is to increase the proportion of investments into non-oil and gas businesses.