India to launch clean energy equity fund
The Indian government and three state-run firms will jointly set up an equity fund of up to $2 billion for renewable energy companies to tap into to help New Delhi meet its clean energy goals.
India’s government hopes the Clean Energy Equity Fund (CEEF) will attract pension and insurance funds from Canada and Europe.
Around $600 million of the initial pool will come from the National Investment and Infrastructure Fund, under the finance ministry, and the rest from state entities NTPC Ltd, Rural Electrification Corp and the Indian Renewable Energy Development Agency.
The program will depend on getting as much as $175 billion in funding with 70 percent of that likely in bank loans and the rest as equity, the sources said.