The UK’s development finance institution and a Danish global fund manager has launched a project to support India’s clean energy transition. British International Investment (BII) joined hands with Copenhagen Infrastructure Partners (CIP) for the 300-million-dollar renewable energy platform, North Star, that will invest across solar, wind and hybrid as well as storage projects.
BII and CIP, through their Growth Markets Fund II (GMF II), will each commit up to 150 million dollars for the platform designed to address the funding gap required to build and scale renewable projects in India.
This marks the first investment made through British Climate Partners (BCP), a 1.1 billion pounds climate finance initiative launched by BII last month as part of its new five-year strategy.
North Star is expected to generate more than 4 million Megawatt-hour of clean energy annually while preventing nearly 4 million tonnes of carbon emissions each year.
BII’s British Climate Partners (BCP) is designed to mobilise large-scale institutional capital into climate solutions across fast-growing and coal-dependent economies in Asia, including India, as well as the Philippines, Indonesia, Vietnam and other South-East Asian countries.
India has set a target of 500GW of installed renewable energy capacity by 2030 and net-zero by 2070. However, there is a significant climate financing gap of around USD 160 billion a year until 2030.
Must Read
- Advertisement -
