Global energy company bp has announced it will invest $70 million to support the growth of renewable energy in India.

Bp will make the investment in India’s Green Growth Equity Fund (GGEF), a financial institution established in 2018 to identify, invest and support the growth of zero-carbon and low carbon energy solutions in the country.

The investment, once made later this year, will make bp a limited partner in GGEF and have representation on its advisory committee, as well as the rights to co-invest in projects alongside GGEF.

Other members of the GGEF include the Government of India through the National Investment and Infrastructure Fund (NIIF), and the UK Government through the Department for International Development (DfID).

GGEF has a goal to close about $700 million in commitments from its members.

The investment will help bp to reach its goal of becoming net-zero in its operations by 2050 and will expand its portfolio of renewable energy projects.

The GGEF is managed by EverSource Capital, a joint venture between Lightsource bp and Everstone Capital.

Dev Sanyal, bp group’s executive vice president for gas and low carbon energy said: “India is committed to the energy transition and pursuing a range of low carbon options for the future. bp is equally committed to reimagining energy in India. Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models. It provides a unique platform for bp to accelerate its ambition in India and to co-invest in a variety of zero and low carbon energy solutions in the country.”

Sashi Mukundan, the president of bp India, said: “Our investment in GGEF will aim to rapidly scale-up commercially viable low carbon solutions. The portfolio and scale of investments made by GGEF – be it in solar power, mobility solutions or sustainable infrastructure management – is extraordinary. Each one of these will help India achieve its climate goals.”

GGEF is based in Mumbai (India) and invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.