EIB Global, the European Investment Bank’s (EIB) development arm, is investing up to $60 million in the India Energy Transition Fund.

The fund has a target size of $300 million and will channel equity and quasi-equity into greenfield infrastructure projects and growth-stage companies, which EAAA Alternatives will manage.

Most commitments from this new greenfield infrastructure fund will go towards accelerating private capital investment in climate action and environmental sustainability, including renewable energy, energy efficiency, transmission, battery energy storage, and electric vehicles, and potentially supporting circular economy sectors such as recycling and wastewater management.

Nicola Beer, Vice-President at EIB, noted that India is one of Europe’s most important partners in the global green transition. By joining forces with the India Energy Transition Fund, EIB is helping to accelerate renewable energy, strengthen energy security and affordability, and unlock sustainable infrastructure investment across the country.

Subahoo Chordia, CEO of EAAA Alternatives, said India’s energy transition is both a priority of the country and an attractive investment opportunity.

He said EAAA Alternatives is focused on building sustainable assets through disciplined investing and strong asset management. EIB Global’s partnership adds depth and credibility to this effort, helping to accelerate India’s clean energy and decarbonization journey while delivering long-term value for investors.

By providing growth equity, the fund seeks to help unlock projects under development, accelerate new capacity addition, and support companies pioneering clean energy and decarbonization solutions. The initiative also intends to create opportunities for technology and investment flows between India and the European Union.

In June, EIB pledged €1.6 billion (~$1.84 billion) to finance the construction of the Bay of Biscay electricity interconnection between France and Spain.

Global investments in the energy sector are set to reach a record $3.3 trillion in 2025, a 2% increase from 2024, according to the International Energy Agency.