BII eyes US$ 1 billion investment in India clean energy projects: Report

The British International Investment (BII) aims to invest US $1 billion in Indian climate related projects by 2026, Reuters has reported citing an official.

"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 on Tuesday.

BII has invested more than US $ 300 million in renewable energy, electric mobility and sustainable agriculture in India last year, the newswire reported.

UK’s Development Finance Institution’s current portfolio in the country is valued at US$ 2.2 billion, with investments spanning 290 businesses, Reuters noted.

Last year, BII agreed to invest up to US$ 250 million in automaker Mahindra and Mahindra’s new electric vehicle unit.

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