London-based Private Infrastructure Development Group (PIDG), which is supported by global governments contributing to the developing economies of Africa and Asia, is set to launch a novel fund in India in the latter half of this year aimed at supporting healthcare and agriculture initiatives, according to Nishant Kumar, head of Indian business at PIDG. Kumar made this announcement during an international conference in Singapore held from May 18 to May 20.
PIDG is also focusing on raising $500 million in equity for green projects in India over the next three years. “We are developing a unique project-supporting fund in the second half of this year specifically for the Indian healthcare and agriculture sectors,” Kumar stated. As an innovative infrastructure project developer and investor, PIDG mobilizes private investment in sustainable and inclusive infrastructure across sub-Saharan Africa and South and Southeast Asia.
Kumar anticipates PIDG will invest an additional $150 million this year, combining equity and other funding forms, following a similar investment last year. “This funding, structured as equity or similar products, encourages private sector investors to make new investments, which can sometimes be four times our commitment,” Kumar explained.
To date, PIDG’s efforts have led to over $30 billion in private capital mobilization for various projects in regions where it operates. Since its inception in India in 2010, PIDG has directed government, private, foundation, and philanthropy capital into various initiatives.
Since 2002, PIDG has been involved in 258 projects, delivering improved infrastructure access to more than 230 million people. The organization receives funding from governments including the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, and Global Affairs Canada.
Kumar also discussed PIDG’s five-year strategy aimed at scaling its role as a primary mobilizer of climate capital in emerging markets and developing economies. The organization collaborates with government entities and the private sector to accelerate project preparation, enhance bankability, and attract private financing tailored to national development priorities.
Updates on recent PIDG funding commitments in India were also shared. PIDG is progressing under a memorandum of understanding (MoU) established with the Uttar Pradesh government in February, which aims to bolster investment in essential infrastructure sectors, thereby supporting the state’s sustainable economic growth and climate resilience.
“We are identifying, developing, and financing infrastructure projects across critical areas, including clean energy (solar and biomass), sustainable transport, agri-PV technology, and green hydrogen infrastructure in Uttar Pradesh,” Kumar noted. Additionally, over $500 million in private investments has been mobilized in India for climate-positive infrastructure projects throughout the country.
PIDG has also collaborated with the Asia Venture Philanthropy Network (AVPN) under a separate MoU signed in February to enhance cooperation in mobilizing impact capital for emerging economies through a sharing of networks and infrastructure development expertise. This agreement with the Uttar Pradesh government was facilitated by AVPN.
GuarantCo, a subsidiary of PIDG, has completed its first Public Private Partnership (PPP) transaction in India, marking a milestone as the first partially-guaranteed loan transaction under the Government of India’s Prime Minister e-Bus Sewa Scheme (PSS). The associated agreement was signed in February. This transaction is part of the initial contracts awarded under the PSS, Kumar commented.
GuarantCo is also offering a partial credit guarantee for a loan facility from Axis Bank to Chartered Speed Limited, aimed at scaling and operating a fleet of over 300 electric buses and their corresponding charging infrastructure in five cities across Chhattisgarh and Meghalaya. This venture is part of GuarantCo’s $200 million electric vehicle framework agreement with Axis Bank, intended to finance the growth of India’s e-mobility ecosystem and encourage commercial investment.
Kumar expressed optimism about establishing similar agreements with Indian banks to invest in other green projects, such as electric vehicles. In March, GuarantCo was recognized with the Best Structured Finance Deal at the Finance Asia Achievement Awards in Hong Kong for its landmark KPI Green Energy transaction in India.
The KPI Green Energy transaction, completed in September 2025, marked India’s first externally credit enhanced green bond issuance, for which GuarantCo provided a partial guarantee of $76.5 million to support the renewable energy developer. “This was especially significant in a bond market typically dominated by larger private firms and state-backed entities,” Kumar remarked. Proceeds from the bond are expected to aid KPI Green in expanding its solar, wind, and hybrid power capacities across Gujarat, improving access to clean electricity for approximately 210,000 people while potentially avoiding over 344,000 tons of CO2 emissions.
“Kumar stated that PIDG and GuarantCo are actively exploring opportunities to be involved in similar green projects.”
