FMO invests $137m in India's Green Growth Equity Fund
The Green Climate Fund has approved Dutch development bank FMO’s proposal to accelerate private and public sector investment in India’s green infrastructure projects.
Through the Green Growth Equity Fund (GGEF), managed by EverSource Capital, FMO will invest $137 million in the energy value chain, water, waste and transport sectors that promote low carbon and climate-resilient initiatives in line with India’s climate objectives and Sustainable Development Goals. The project is FMO’s second collaboration with the GCF, following the $100 million that the GCF invested in Climate Investor One in 2019.
GGEF targets raising equity capital up to $940 million for India’s green infrastructure sectors such as renewable energy, transport, resource efficiency and energy services. The program is innovatively structured, blending concessional equity and grant capital to mobilize significant amounts of commercial equity to accelerate investments in these sectors, while providing the necessary $4.5 million in technical assistance support to create an enabling environment.
