(MENAFN- IANS) New Delhi, Oct 14 (IANS) The European Investment Bank's development arm, EIB Global, on Tuesday announced $60 million worth of investment in the India Energy Transition Fund, a new greenfield infrastructure fund.

The fund was created to accelerate private capital investment in sustainable infrastructure and support decarbonisation efforts in India.

India Energy Transition Fund, managed by EAAA Alternatives, aims to attract $300 million in private investment for India's sustainable energy sector.

The fund will invest in the Indian energy sector, including renewable energy, energy efficiency, transmission, electric vehicles and circular economy projects, the release from EIB Global said.

India Energy Transition Fund, the country's first energy transition fund managed by a domestic fund manager, aims to channel equity and quasi-equity into greenfield infrastructure projects and growth-stage companies.

Most commitments will go to climate action and environmental sustainability, including battery energy storage and electric vehicles, including potentially supporting circular economy sectors such as recycling and wastewater management, the firm said.

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

EAAA Alternatives CEO Subahoo Chordia labelled EIB Global as a cornerstone investor, emphasising the fund's commitment to building sustainable assets through disciplined investing and strong asset management.

Chordia said that this partnership enhances credibility and depth, accelerating India's clean energy and decarbonisation efforts while providing long-term value for investors.

The fund will help unlock projects under development, accelerate new capacity addition and support companies pioneering clean energy and decarbonisation solutions, the release said.

The initiative also intends to facilitate technology and investment flows between India and the European Union, EIB Global noted

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