UK-India Pool In For Green Infrastructure

• India's National Investment and Infrastructure Fund (NIIF) and the UK government have each committed £120 million to a new India focused green infrastructure fund
• The Green Growth Equity Fund (GGEF) will be managed by a joint venture of British EPC Lightsource BP and Everstone Group
• GGEF has a fund raising target of £500 million by engaging international institutional investors
• Investment fields are renewable energy, clean transportation, water and waste management in India

A new investment fund has been created for green energy infrastructure in India. This Green Growth Equity Fund (GGEF) has been launched with India's National Investment and Infrastructure Fund (NIIF) and the UK government each pooling in £120 million ($170 million) in their capacity as joint anchor investors.

To manage this fund, UK based renewable energy company Lightsource BP and Indian private equity firm Everstone Group have formed a JV called EverSource Capital with equal stake.

The new joint venture will manage India-focused green infrastructure funds through the GGEF. The focus is on contracted power, distribution infrastructure and energy services in India. GGEF has been set up as an Alternative Investment Fund (AIF) under the Securities and Exchange Board of India (SEBI).

GGEF has a fund raising target of £500 million ($709.7 million). Further funds may be raised under the EverSource Capital Platform in the future, according to an online statement by Lightsource BP.

International institutional investors will be approached by GGEF to invest into renewable energy, clean transportation, water and waste management and emerging technologies for these areas in India.

 "The joint initiative and commitment of India's National Investment and Infrastructure Fund (NIIF) and the UK Government to invest in and develop green infrastructure in India is a unique and amazing investment opportunity" said Sameer Sain, Co-Founder and CEO of Everstone Group.  "By using a pooled investment vehicle and a Public plus Private Partnership approach global investors will get the opportunity to be part of this exceptional investment platform," he added.

Only a few months back, BP acquired a 43% equity share in UK based solar developer Lightsource, which marks the return of the oil company into solar

Correction: In a first version of the article it said incorrectly in the sub-headline that the UK & India each would bring in £240 million to the fund. It must read that  each contributes £120 million as it has been written correctly in the article.