Eversource, a climate impact investor in India, has received Catalytic Concessional Capital (BFET) from the U.S. Department of State and the U.S. Agency for International Development (USAID) through its Blended Finance for Energy Transition (BFET) program and the Investment Fund for Developing Countries (BFET) program ). IFU) is part of the Danish Development Finance Institution (DFI).
This was announced by John Kerry, the special presidential climate envoy of the United States, at the United Nations Climate Change Conference COP28.
Eversource will launch innovative financial instruments to deploy capital in India, Indonesia, Vietnam and other South and Southeast Asian markets to meet supply (renewable energy, energy storage, energy efficiency, waste-to-energy sectors) and demand (electronics-energy sectors) need. These are all aspects of an inclusive transition to clean energy, according to a press release.
The release did not mention the amount of funding Eversource received.
Dhanpal Jhaveri, CEO of Eversource Capital, said: “Eversource’s selection as Catalytic Concessional Capital by USAID and Denmark’s IFU is the result of a rigorous evaluation of more than 30 fund managers around the world. This Catalytic Capital will drive the massive mobilization of private capital , and deploy it into climate operations in developing economies in Asia, driving outcomes of both financial returns and climate impact.”
The fund will leverage active investment strategies and owner-operated approaches and provide expertise to portfolio companies to improve performance and impact, the release said.
Eversource is an India-based climate investment management company that has deployed more than $740 million through India’s largest climate impact fund. Its investments focus on the energy transition, industrial decarbonization and urban sustainability.