Lightsource BP and Everstone Group to invest in green infrastructure in India
Thursday, Apr 19, 2018
  • 50:50 JV will manage India-focused green infrastructure funds
  • Launch fund announces £240m cornerstone investment from funds provided by the India’s National Investment and Infrastructure Fund (NIIF) and the United Kingdom with £500m target
  • EverSource Capital currently seeks investment opportunities across its mandate

One of India’s leading private equity funds and a renewable energy industry leader has teamed up to create a major fund management platform for green energy infrastructure in India to be called EverSource Capital.

The Everstone Group, a premier India and Southeast Asia business group and multi asset investment firm, and Lightsource BP, a global market leader in renewable energy development, will work together as ‘EverSource Capital’ to jointly manage funds targeting contracted power, distribution infrastructure and energy services in India. The new JV will provide the funds with the financial and strategic resources of the partners aiming to create successful green energy businesses in partnership with local management teams.

The launch fund will be called the Green Growth Equity Fund (GGEF), which has a fundraising target of £500m. Today, the UK Government and the India’s National Investment and Infrastructure Fund (NIIF) have announced an agreement to become joint anchor investors in GGEF. The UK Government and NIIF will each co-anchor GGEF, with a commitment of £120m each.UK and India contributions are investments that will generate returns for each country.

GGEF is set up as an Alternative Investment Fund (AIF) under India’s Security and Exchange Board of India (SEBI) Regulations, 2012. Further funds may be raised under the EverSource Capital platform in the future.

For more information, please visit:
Find out more about Renewables from NewsBase