India, UK to set up Green Growth Equity Fund under NIIF for green energy

India and the United Kingdom have decided to set up a 240 million pound Green Growth Equity Fund to finance clean energy projects in India. Decision in this regard was taken at the 9th India-UK Economic and Financial Dialogue in Delhi. Both India and UK are going to make a contribution of 120 million pounds each in the fund which will focus initial investments in India’s rapidly growing energy and renewables market. The Fund will be a sub-fund of National Infrastructure and Investment Fund (NIIF) which was set up by India in 2015 to finance greenfield as well as brownfield projects and stalled projects.