Triodos funds invest USD 15 million in Green Growth Equity Fund in India

Triodos funds invest USD 15 million in Green Growth Equity Fund in India

Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds have invested USD 5 million and USD 10 million respectively in the final close of India’s largest and first of its kind climate-focused impact fund, Green Growth Equity Fund, managed by EverSource Capital.

Building green infrastructure in India

Green Growth Equity Fund (GGEF) focuses on addressing climate change in India by investing in scalable operating companies and platforms across several key segments: renewable energy, energy storage, e-mobility, energy efficiency and resource conservation, including water and waste management.

EverSource Capital operates with a private equity mindset and takes scalable control positions to create value with the highest ESG standards. With this scope, GGEF brings together both the more traditional renewables and the broader circular economy, decarbonising and resource efficiency. 

Fund Manager at Triodos IM, Angeles Toledo: “Green Growth Equity Fund’s broad scope of investing makes it a great addition to our growing renewable energy portfolio in emerging markets. The opportunities in the renewable energy market in India are significant, and by tapping into various segments, synergies are possible, whilst diversification and impact are achieved.”

The Triodos funds hold a shared Limited Partner Advisory Committee position and therefore shall actively engage in the general oversight of the fund, act as a decision-making body with respect to the potential conflict of interest and approve any major changes to the Limited Partnership Agreement.

Investment scope

The following current investments showcase GGEF’s broad investment scope:

  • Ayana Renewable Power, a utility-scale renewable energy platform to develop and operate utility-scale renewable power projects and emerge as a low-cost renewable energy provider
  • Radiance Renewables, one of the largest rooftop solar developers in India, which provides affordable custom-built solutions that deliver economic savings to clients and enable them to reduce their carbon footprint and focus on net-zero targets
  • GreenCell Mobility, a platform built to provide E-mobility as-a-service, and thereby be one of the key players to build the e-mobility space in India  
  • EverEnviro Resource Management, an integrated solid waste management platform offering solutions such as non-organic and organic waste processing, bio-methanation and plastic recycling
  • Kathari Water Management, a platform for water and wastewater with large-scale projects focused on desalination, wastewater treatment, bulk water transmission and treatment


Sustainable Finance