 "Edelweiss arm aims to raise up to $500 mn for maiden climate fund")
An Edelweiss group arm is planning to raise up to USD 500 million (about Rs 4,143 crore) for its maiden climate fund.
Edelweiss Alternatives said the fund will be used in areas of renewable energy, transmission infrastructure, developing electric vehicle infrastructure, green infrastructure, water treatment, transport decarbonisation and industrial decarbonisation.
Investors will be offered a long-term viable investment vehicle to participate in the world's largest market for sustainable energy transition and "generate far more worthwhile and steady returns", the company said in a statement on Monday.
Edelweiss Alternatives President Subahoo Chordia said about USD 10 trillion of investment is required to achieve India's 2070 net-zero target.
"Our climate fund will look to invest in this growing and attractive investment opportunity, while also contributing to achieve the Sustainable Development Goals like climate action, clean energy, clean water, and sustainable cities," Chordia added.
Edelweiss Alternatives has invested in renewable power and transmission sectors in the past as well, as per the statement.