IFC to invest $15M in South Asia Growth Fund II for clean energy companies

International Finance Corporation (IFC) part of the World Bank Group plans to invest up to $15 million in South Asia Growth Fund II, L.P (SAGF II) focussed on investing in companies focussed on clean energy.

According to IFC, it is proposing to invest up to $15 million, capped at 20 per cent of aggregate commitments, with an equivalent amount of co-investment envelope, in SAGF II.

The Fund, a limited partnership organized under the laws of Province of Ontario, Canada is targeting $200 million in commitments to invest in 8-10 companies focused on clean energy supply and resource efficiency in India and opportunistically in Bangladesh, IFC said.

The Fund’s offshore sponsor is GEF Capital Partners, LLC, a Delaware limited liability company (GEF Capital).

The Fund will engage GEF Capital to carry out certain investment management and administration duties.

GEF Capital was founded in 2018 and is led by Raj Pai, Sridhar Narayan and four other partners, IFC said.