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EverSource Closes India’s Largest Climate Impact Fund at US$ 741 Million

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EverSource Capital (EverSource) has completed the final close of India’s largest climate impact fund, Green Growth Equity Fund (the Fund), at US$ 741 million, making GGEF one of the largest single-country funds focused on Climate change, Mitigation and Adaptation in the emerging markets.

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EverSource is investing to combat climate change by focusing on the decarbonization of energy and resource efficiency, while generating superior investment returns.

The Fund actively 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.

EverSource’s investment strategy is in line with the pledges India made at the recently concluded COP26 and aligned to key national priority projects, including the National Solar Mission, the Swachh Bharat Abhiyan, the National Mission for Clean Ganga, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles and Sustainable Alternative Towards Affordable Transportation for domestic Bio-CNG/Renewable Natural Gas.

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Commenting on the final close, Dhanpal Jhaveri, CEO, EverSource Capital, said, “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 C02 emissions, creating tens of thousands of jobs and adding over US$ 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,” he added.

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.

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