EverSource closes its climate impact fund at $741 million

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).

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

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.