The $944.5 million Green Growth Equity Fund, which claims to be India's first and largest climate fund, has won 'Impact Initiative of the year' for Asia.

Launched in 2021, the Green Climate Fund provided $132.5 million in upfront capital with an aim to attract additional funding from both public and private sources. Dutch development bank FMO and Eversource Capital Private are the fund's main partners.

By the end of the programme in 2030, the Green Climate Fund aims to have mobilised around $4.6 billion of capital, with $3.5 billion of this coming from private investors.

Through equity investments and grants into renewable energy generation, energy efficient technology, and low carbon transport, the fund aims to accelerate the uptake of Indian green infrastructure projects. Resource conservation will also be targeted through water and waste management investments.

To date, the fund has invested $562 million in seven portfolio companies, including renewable energy provider Radiance Renewables, waste management platform EverEnviro, water management company Kathari and electric vehicle fleet operator Lithium.

The fund also aims to make projects more operationally independent by introducing long-term fee-for-service contracts, and provide companies with technical assistance to address technical gaps.

Kavita Sinha, private sector facility director of the Green Climate Fund, told Environmental Finance that alongside accelerating public and private sector investment the Green Growth Equity Fund is playing "a critical role in informing policy decisions to create market transformation and drive more capital into these key sectors".

She added the Green Climate Fund "is proud to have been an anchor investor in this landmark initiative, which showcases [its] unique role in de-risking and mobilising private capital through blended finance structures to help meet the climate and sustainable development aspirations of developing countries".