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Home / News / India /  EverSource closes its climate impact fund at $741 million


EVERSOURCE CLOSES ITS CLIMATE IMPACT FUND AT $741 MILLION

Premium EverSource Capital has completed the final close of India’s largest
climate impact fund Green Growth Equity Fund at $741 million. 1 min read .
Updated: 19 Jan 2022, 01:32 AM IST Swaraj Dhanjal

 * EverSource is investing to combat climate change by focusing on
   decarbonisation of energy and resource efficiency while generating superior
   investment returns



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MUMBAI : EverSource Capital has completed the final close of India’s largest
climate impact fund, Green Growth Equity Fund (GGEF), at $741 million, making it
one of the largest single-country funds focused on climate change, mitigation
and adaptation in emerging markets, the investment firm said in a statement on
Tuesday.



The fund was established with anchor investment from the National Investment and
Infrastructure Fund (NIIF) and the UK's Foreign, Commonwealth & Development
Office (FCDO).

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EverSource is investing to combat climate change by focusing on decarbonisation
of energy and resource efficiency while generating superior investment returns,
as per the statement. The fund invests in and builds innovative, digitally
empowered, rapidly scalable climate-positive businesses and platforms spanning
renewable energy, energy efficiency, e-mobility, resource conservation, waste
and water management and associated value chains.



Its investments include Ayana Renewable Power, a platform to develop and operate
utility scale renewable power projects; Radiance Renewables, a developer of
renewable energy solutions for commercial, industrial and residential customers;
GreenCell Mobility, a shared electric mobility player and EverEnviro Resource
Management, a waste management platform.

“EverSource aims to be a key catalyst for bringing climate finance into India as
our investments have the potential of generating 450+ billion kilowatt-hours of
clean energy, avoiding 450+ million tons of CO2 emissions, creating tens of
thousands of jobs and adding over $5 billion to the Indian economy over the next
decade. We are committed to bringing positive climate impact while generating
strong investment returns and performance," said Dhanpal Jhaveri, CEO,
EverSource Capital

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Beit Capital Advisors advised EverSource Capital during the fundraising process,
whereas Kirkland & Ellis LLP, Withers KhattarWong LLP and Nishith Desai
Associates acted as legal counsels.



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