In India, Bank of America anticipates green agreements worth $10 billion by 2023

India could attract close to $10 billion in renewable energy investment in 2023, a bright spot as public markets remain largely shut to big-ticket capital raising, according to Bank of America Corp.’s top executives in the country.

Deals and investments will continue to flow into areas such as electric vehicles and green hydrogen, Kaku Nakhate, the lender’s president and India country head, said in an interview, as investors look to reflect the energy transition in their portfolios.

Sectors including renewable energy and retail stand to gain as India surpasses rival emerging market competitors in luring foreign investors. Even if rising interest rates and market turbulence have hurt dealmaking globally, the South Asian country's geopolitical stability helps it prepare itself for greater inflows.

The Indian government's specific goals to reach net zero carbon, according to Nakhate, wowed investors and businesses at the bank's most recent North American roadshow. According to her, the bank will keep expanding its distressed debt finance business in the renewable energy industry, which has produced double-digit returns.

Nakhate forecasts an increase in green investment as well as dealmaking in consumer brands, which is supported by increasing per capita income and consumption.

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