• South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 20, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Eversource Capital
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Climate and Environment
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Aug 4, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to FMO project page,The Green Growth Equity Fund is an Indian fund managed by Eversource Capital, a joint venture between the leading Indian private equity investment firm Everstone Capital and global leader in the development and management of solar energy projects, Lightsource BP.

  • The Fund's mandate is to invest in rapidly scalable and sustainable businesses in India, across four focus sectors: renewable energy, resource efficiency, e-mobility and energy services.
  • Through this vehicle, FMO aims to stimulate the Indian green economy, contributing to decarbonizing energy, resource- and environment conservation as well as the circular economy. FMO aims to invest its own funding and will take up the role of accredited entity for the Green Climate Fund, which will provide additional high-risk capital to crowd in (commercial) funding.


The fund will focus on investment opportunities with a limited or moderate E&S risk level (E&S risk category B); however, some of the high development impact opportunities in renewable energy and waste management involve the development and construction of infrastructure, which may have to be classified as E&S risk category A. Therefore the fund has been classified as E&S category A, and the E&S management system (ESMS) and the E&S staffing are set up to adequately mitigate and manage this risk level. A dedicated E&S due diligence process takes place for all prospective fund investments, with the assistance of independent experts for all moderate to high E&S risk investments. For the current portfolio and advanced pipeline companies (containing renewable energy, e-mobility and waste management) E&S action plans have been or are being agreed on. E&S performance monitoring of portfolio companies is also executed by dedicated E&S staff of the fund manager.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to:


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at:

How it works

How it works