JV Targets New Funds for Green Investments in India

A new joint venture (JV) will create a fund management platform that will focus on green energy infrastructure in India.

The new platform, called EverSource Capital, is a new initiative of investment firm Everstone Group and renewable energy developer Lightsource BP.

A launch fund under the JV, called Green Growth Equity Fund (GGEF), has a fundraising target of £500 million (US$699 million). Everstone last week said that the U.K. government and the India’s National Investment and Infrastructure Fund (NIIF) will be joint anchor investors in GGEF, each investing £120m.

“The joint initiative and commitment of NIIF and the U.K. government to invest in and develop green infrastructure in India is a unique and amazing investment opportunity,” Sameer Sain, co-founder and CEO, Everstone Group, said in a statement. “By using a pooled investment vehicle and a public plus private partnership approach, global investors will get the opportunity to be part of this exceptional investment platform.”

Everstone said GGEF will raise funds from international institutional investors to invest in renewable energy, clean transportation, water and waste management and emerging technologies.

BP purchased a 43 percent stake in Lightsource Renewable Energy Ltd. in December 2017.

“India’s demand for energy is growing rapidly with renewable energy playing an increasingly important role,” Dev Sanyal, CEO, BP Alternative Energy, said. “BP is committed to advancing the energy transition and, through our shareholding in Lightsource BP, is expanding and deepening its relationship with India to deliver affordable, accessible and reliable low carbon solutions to customers”.

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