The renewable energy industry in India has the potential to provide clean power to millions of homes and businesses, as well as more employment. It’s estimated that the sector can create up to a million new jobs in India by 2022.
The potential is matched by the country’s ambition to do more. Investment in the sector is required to reach this potential and ensure India meets its renewable energy targets.
Our investment in Green Infra
We invested $16 million in Green Infra, an independent wind and solar power producer, before selling our stake in the company in 2015. When we exited, we achieved a financial return of 12.4 per cent, which has been used for new investments.
As well enabling the company to double its renewable power production, with our support the business created hundreds of quality jobs and developed programmes of support for the communities they serve.
How Green Infra supports quality jobs
Over the course of our investment in Green Infra, the company created 600 quality jobs. These were primarily in the construction, operation and maintenance of new wind and solar farms – mainly in rural parts of the country.
We worked closely with the company’s management to ensure its environmental and social practices exceeded the national average. A key part of this approach was introducing high health and safety standards on Green Infra sites. Construction worker Atul Meshram said: “I feel the method of working is very good. Health and safety is considered very seriously.”
How Green Infra supports communities
We truly believe we are the guests of the community we operate in.
We also supported the company to strengthen its relationships with the communities living near to Green Infra facilities. This meant introducing a comprehensive corporate social responsibility programme tailored to the needs of people at each individual site - as the company operates across six Indian states, the needs of communities differ from place to place.
The company has so far renovated 25 schools, reaching more than 3,500 students every day. It has also developed eight health care centres and provided sustainable drinking water to communities in Maharastra, a state in central India, which face long-term drought problems.