GREEN GROWTH EQUITY FUND
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.
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 will take up the role of accredited entity for the Green Climate Fund, providing 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.
|Date||Total FMO financing|
|10/20/2021||USD 30.00 MLN|
- Signing date
- Total FMO financing
- USD 48.31 MLN
- Green Climate Fund
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)