UK-backed $300m North Star platform targets India’s renewable energy push

British International Investment and Copenhagen Infrastructure Partners will each invest $150m.

The UK’s development finance institution, British International Investment (BII), has launched a $300m platform called North Star to fund renewable energy projects in India.

BII will put in $150m, whilst Copenhagen Infrastructure Partners (CIP) will contribute the other $150m through its Growth Markets Fund II (GMF II).

North Star is the first investment under British Climate Partners (BCP), a climate finance programme recently set up by BII as part of its new five-year plan.

BCP aims to attract large institutional investors into climate projects in fast-growing, coal-reliant economies across Asia, including India and parts of Southeast Asia such as the Philippines, Indonesia, and Vietnam.

The North Star platform will finance solar, wind, and hybrid renewable energy projects, as well as storage.

It is projected to produce more than 4 million MWh of electricity annually and reduce carbon emissions by about 4 million tonnes each year.