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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
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BP to Invest $70 Million in Indian Green Energy Fund

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07/07/2020 | 11:19am EDT

By Adriano Marchese

 

U.K. oil major BP PLC said Tuesday that it intends to invest $70 million in a fund focused on identifying, investing and supporting growth in greener energy solutions in India.

The fund is the Green Growth Equity Fund, established in 2018 with the aim of investing in zero-carbon and low-carbon energy solutions in India--one of the largest contributing countries to CO2 emissions, behind only China and the U.S.

The investment grants BP a limited partnership in the fund, which will include representation on the advisory committee as well as the rights to co-invest in projects alongside the GGEF.

Among the fund's investors are the government of India through its National Investment and Infrastructure fund, as well as the U.K. government by way of the Department for International Development.

The fund expects to garner around $700 million in commitments, and to grow further through leveraged capital options, BP said.

"Our investment in GGEF is aligned with our strategy of investing in integrated low carbon energy using innovative partnerships and business models. It provides a unique platform for BP to accelerate its ambition in India and to co-invest in a variety of zero and low carbon energy solutions in the country," Executive Vice President for Gas and Low Carbon Energy Dev Sanyal said.

The strategy to invest in the fund is part of a larger ambition announced by BP earlier in the year to become a net-zero company by 2050 or sooner. The ambition includes initiatives to increase the proportion in which it invests in non-traditional oil and gas businesses.

The GGEF, based in Mumbai, India, is managed by EverSource Capital, which is a joint venture endeavor between Lightsource BP and Everstone Capital. The fund has invested in businesses Ayana Renewable Power, Radiance Renewables, GreenCell Mobility and EverEnviro, the company said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 6.81% 300.45 Delayed Quote.-40.41%
LONDON BRENT OIL -0.94% 43.34 Delayed Quote.-34.20%
WTI -1.00% 40.235 Delayed Quote.-34.56%
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Financials (USD)
Sales 2020 189 B - -
Net income 2020 -9 885 M - -
Net Debt 2020 47 390 M - -
P/E ratio 2020 -6,76x
Yield 2020 9,69%
Capitalization 73 986 M 73 792 M -
EV / Sales 2020 0,64x
EV / Sales 2021 0,50x
Nbr of Employees 67 600
Free-Float 93,1%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 4,74 $
Last Close Price 3,68 $
Spread / Highest target 86,5%
Spread / Average Target 29,0%
Spread / Lowest Target -27,3%
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Managers
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Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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