British International Investment (BII), the UK's development finance institution, and Copenhagen Infrastructure Partners (CIP) have jointly launched North Star, a $300 million (approximately €252 million) renewable energy platform designed to accelerate clean energy development across India.

As reported by ESG News, each partner will commit $150 million to the platform BII through its British Climate Partners initiative and CIP through its Growth Markets Fund II. North Star is the first investment made under British Climate Partners, BII's £1.1 billion climate finance programme launched as part of its new five-year strategy, which aims to draw institutional capital into climate solutions across fast-growing and coal-dependent Asian economies. The broader initiative is expected to mobilise £3.5 billion in private capital over its investment lifetime.

The platform will target solar, wind, hybrid renewable energy, and storage projects projected to generate more than 4 million MWh of clean power annually and avoid approximately 4 million tonnes of carbon emissions each year.

India faces a funding gap of approximately $160 billion per year to meet its target of more than tripling renewable energy capacity by 2030. North Star has been designed to address the structural barrier facing many Indian developers sufficient capital and development capacity to move projects from planning into construction and operation while attracting additional private investment into the market.

The launch took place at the Global Partnerships Conference in London, co-hosted by the UK, South Africa, BII, and the Children's Investment Fund Foundation, and attended by more than 600 representatives from governments, international organisations, investors, and civil society.

Explore the full scope of North Star and BII's British Climate Partners initiative in the full article.