Project detail - GREEN GROWTH EQUITY FUND

GREEN GROWTH EQUITY FUND

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Who is our client

The Green Growth Equity Fund is an Indian fund managed by Eversource Capital, a joint venture between the leading Indian private equity investment firm Everstone Capital and global leader in the development and management of solar energy projects, Lightsource BP.

Funding objective

The Fund’s mandate is to invest in rapidly scalable and sustainable businesses in India, across four focus sectors: renewable energy, resource efficiency, e-mobility and energy services.

Why we fund this project

Through this vehicle FMO aims to stimulate the Indian green economy, contributing to decarbonizing energy, resource- and environment conservation as well as the circular economy. FMO aims to invest its own funding and will take up the role of accredited entity for the Green Climate Fund, which will provide additional high-risk capital to crowd in (commercial) funding.

Environmental and social rationale

The fund will focus on investment opportunities with a limited or moderate E&S risk level (E&S risk category B); however, some of the high development impact opportunities in renewable energy and waste management involve the development and construction of infrastructure, which may have to be classified as E&S risk category A. Therefore the fund has been classified as E&S category A, and the E&S management system (ESMS) and the E&S staffing are set up to adequately mitigate and manage this risk level. A dedicated E&S due diligence process takes place for all prospective fund investments, with the assistance of independent experts for all moderate to high E&S risk investments. For the current portfolio and advanced pipeline companies (containing renewable energy, e-mobility and waste management) E&S action plans have been or are being agreed on. E&S performance monitoring of portfolio companies is also executed by dedicated E&S staff of the fund manager.

More investments

Date Total FMO financing
10/20/2021 USD 48.31 MLN
Region
Asia
Country
India
Sector
Energy
Signing date
10/20/2021
Total FMO financing
USD 30.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
A