Background

EverSource is the fund manager of the Green Growth Equity Fund (GGEF or the Fund), established with anchor investment from India’s National Investment and Infrastructure Fund (NIIF) and Foreign, Commonwealth & Development Office (FCDO), Government of UK. The Fund is based in Mumbai (India) and shall invest in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains. EverSource Capital provides global investors an opportunity to invest in the Indian green infrastructure, alongside a global industrial leader and established regional fund manager.

National Investment and Infrastructure Fund (NIIF)

NIIF is India’s first sovereign investment fund, seeking to create long-term value for both domestic and international investors. The fund deploys capital into energy, transportation, housing, water, waste management and other infrastructure-related sectors in India. A joint venture by the Indian government and external investors, the NIIF works closely with policy-makers and central and state government agencies, while the commercial investors promote a professional, principles-led approach to all investments.

UK Government

The UK government via Foreign, Commonwealth & Development Office (FCDO) has committed to invest £120 million in the GGEF as an anchor investor alongside £120m from India’s National Investment & Infrastructure Fund (NIIF). These anchor investment commitments are intended to catalyse additional finance from the City of London, India and elsewhere for green infrastructure projects in India. UK and other companies will be able to bid for infrastructure projects financed by the GGEF.

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Responsible Investing

EverSource Capital recognizes that its role as an Investment Manager offers it the opportunity to promote environmental stewardship as well as socially responsible development, while avoiding or minimizing negative impacts on climate, ecosystems and communities. Where these impacts are unavoidable, they should be evaluated in a thoughtful manner with the goal to minimize, mitigate, and/or offset negative impacts. EverSource Capital seeks to ensure that the companies and projects financed by GGEF are managed in a manner consistent with the foregoing, and reflecting sound environmental, social and governance management practices.

EverSource Capital is committed to minimize adverse impacts and promote positive outcomes and has adopted an ESG policy and Management system to govern investments by the fund focusing on:

  • The sectors that support climate change mitigation & contribute to sustainable environment through low carbon economy, pollution prevention, and resource conservation;
  • Aligning the investments positively around identified United Nations Sustainable Development Goals (UNSDGs) and ccontributing to the shared global goals and commitments;
  • Ensuring compliance to the national legislations and relevant international requirements;
  • Screening prospective investments through a mechanism of due diligence, review and monitoring investee companies through a collaborative approach and reporting;
  • Developing and maintaining necessary systems, institutional structure and allocating resources for the implementation and management of ESG.

Find out more on our ESG Policy and Management Systems: English हिन्दी

Impact Strategy

In line with the Fund’s objective, EverSource Capital has articulated the Impact goals aligned to the United Nations Sustainable Development Goals (UNSDGs). An Impact framework has been developed to measure and monitor these impacts. The framework integrates the Fund’s strategy, investment areas for identification of the impact indicators mapped against the identified SDGs. The aim of the proposed indicators and their measurement is to capture the impact from the investments and support contribution towards the identified SDGs.

Find out more on our Impact Strategy here