British Petroleum plans to invest $70 million in the Green Growth Equity Fund to support the renewable energy sector in India. The GGEF focuses on identifying, investing and supporting growth in zero-carbon and low-carbon energy solutions in India. With this investment, BP will become a limited partner in GGEF.

GGEF already has capital support from the Indian Government via the NIIF as well as the UK government via the DFID. Clearly, BP wants to participate in a much bigger way in India’s commitment to the energy transition and is exploring a range of low-carbon options for the future. BP will gradually create a portfolio of zero and low-carbon energy solutions.

BP has larger plans to become a net-zero company before 2050. Towards this end, BP is looking to substantially increase the proportion of investments into non-oil and gas businesses. GGEF is managed by a JV between Lightsource BP and Everstone Capital. GGEF has investments in segments like renewable energy and Mobility.