BII To Spend $1 Bn On Indian Renewables Space

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  • BII has almost 8.2 billion pounds ($9.98 billion) worth of assets
  • Last year, BII invested almost $300 million in climate finance

British International Investment (BII), the UK government’s development finance institution, has announced its plan to invest approximately—$ 1 billion in Indian climate-related projects by 2026.

Last year, BII invested almost $300 million in climate finance for renewable energy, electric mobility and sustainable agriculture sectors.

BII’s current investment portfolio in India totals $2.2 billion, spanning over 290 businesses. In the previous year, BII committed to injecting a maximum of $250 million into the newly established electric vehicle division of automaker Mahindra and Mahindra Ltd.

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“We are evaluating exciting businesses in sectors such as bio-fuels, circular economy … as part of the vision for the 2030 roadmap agreed between India and the UK,” Nick O’Donohoe, CEO of BII told Reuters.

“India has produced the best returns of any geography we have invested in,” said O’Donohoe, citing buoyant stock markets and a stable political environment in the country.

BII has almost 8.2 billion pounds ($9.98 billion) worth of assets, which it has made by investing in around 1,500 businesses in emerging economies across 65 countries. On total portfolio investment, the company got 5% in annual return over a rolling 7-year period, he said, declining to give details on returns on Indian investments.

CEO shared that the Indian economy was going through a “good phase” compared with BII’s investments in some African nations, where high debt, inflation and weakening currencies had impacted returns.

He said that BII wants to invest in new entrepreneurs and companies that are struggling to raise funds for their emission-cutting projects.

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