London-based Private Infrastructure Development Group (PIDG), backed by global governments supporting developing economies of Africa and Asia, will help launch a unique fund in the second half of this year in India to support healthcare and agriculture projects, a senior official of the group said in Singapore.
PIDG is also working on details for mobilising $500 million in equity form in India’s green projects over the next three years, its head of Indian business, Nishant Kumar, said on the sidelines of an international conference held in Singapore from May 18 to May 20.
“We are working on a unique project-supporting fund in the second half of this year catering to the Indian healthcare and agriculture sectors,” said Kumar, Head of Coverage – Asia for PIDG, an innovative infrastructure project developer and investor that mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and South and Southeast Asia.
Kumar also expects PIDG to invest at least another $150 million, typically a mix of equity and other forms of funding, to support green projects in the country this year, following the $150 million invested last year.
“Such funding, which is in the form of equities or similar products, convinces private sector investors to commit to fresh investments which, at times, can be four times over our commitment,” Kumar told PTI on the sidelines of the Philanthropy Asia Summit.
To date, PIDG funding has resulted in more than $30 billion in private sector capital mobilisation in projects across the regions where it operates, he said.
Operating in India since 2010, PIDG channels government, private, foundation and philanthropy capital into projects, he added.
Since 2002, PIDG has supported 258 projects, which provided more than 230 million (23 crore) people with access to new or improved infrastructure. It is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia and Sweden, and Global Affairs Canada.
Kumar also gave an update on PIDG’s five-year strategy to scale its role as a leading mobiliser of climate capital in emerging markets and developing economies. He pointed out that the group is working alongside government counterparts and the private sector to help accelerate project preparation, enhance bankability and attract private capital into infrastructure aligned with national development priorities.
He also updated on some of the recently signed PIDG funding commitments in India.
Work is in progress under a memorandum of understanding (MoU) signed between PIDG and the Uttar Pradesh government in February to strengthen collaboration in mobilising investments into priority infrastructure sectors, supporting the state’s sustainable economic growth and climate resilience.
“We are identifying, developing and financing infrastructure projects across key sectors, including clean energy (solar and biomass), sustainable transport, agri-PV technology and green hydrogen infrastructure in Uttar Pradesh,” Kumar said. He added that more than $500 million in private investment has been mobilised in India for climate-positive infrastructure opportunities across the country.
Furthermore, details have been worked out by PIDG and AVPN — Asia’s leading social investors network — under an MoU also signed in February. “We have joined hands to deepen collaboration in mobilising impact capital for emerging economies through sharing networks, opportunities and infrastructure development expertise,” Kumar said.
The MoU between PIDG and the Uttar Pradesh government was facilitated by AVPN.
GuarantCo, a part of PIDG, has completed its first-ever Public Private Partnership (PPP) transaction in India. This is a first-of-its-kind partially-guaranteed loan transaction under the Government of India’s Prime Minister e-Bus Sewa Scheme (PSS). The related agreement was signed in February. This transaction forms part of the initial set of contracts awarded under the PSS, Kumar said.
GuarantCo is also providing a partial credit guarantee for a loan facility provided by Axis Bank to Chartered Speed Limited. The facility is intended to support the scaling and operation of a 300-plus fleet of electric buses and associated charging infrastructure across five cities in the states of Chhattisgarh and Meghalaya.
This is the fourth deal completed under GuarantCo’s $200 million electric vehicle framework agreement with Axis Bank to finance the growth of India’s e-mobility ecosystem, with the intention of de-risking private lending and enabling participation of commercial capital in India’s rapidly-growing electric mobility sector.
Kumar is expecting to work out more such arrangements with Indian banks to get involved in green projects, such as electric vehicles.
In March, GuarantCo received the Best Structured Finance Deal title in the Finance Asia Achievement Awards of Hong Kong for its landmark KPI Green Energy transaction in India.
The KPI Green Energy transaction, which financially closed in September 2025, was groundbreaking as India’s first externally credit enhanced green bond issuance. GuarantCo provided a partial guarantee of $76.5 million to enable the issuance from the renewable energy developer and operator. “It was noteworthy in a bond market dominated by larger private firms and state-backed entities,” said Kumar, also managing director for Asia at GuarantCo.
The proceeds of the bond will help KPI Green expand its solar, wind and hybrid power portfolio capacity across the state of Gujarat. The project will provide 2.1 lakh people with improved access to clean electricity, while being forecast to avoid more than 3.44 lakh tCO2e.
“PIDG-GuarantCo are studying opportunities to be part of such green projects,” Kumar added.