Lightsource BP, a global renewable energy development firm and Everstone Group, an investment firm have formed a joint venture (JV) to create a fund management platform ‘EverSource Capital’ for the development of green energy infrastructure in India.
The joint venture (JV) will manage funds targeting contracted power, distribution infrastructure, and energy services in the country. The JV will provide the funds for creating green energy businesses in India by partnering with local management teams.
Reportedly, the EverSource Capita’sl launch fund will be called the Green Growth Equity Fund (GGEF). GGEF is set up as an Alternative Investment Fund under India’s Security and Exchange Board of India Regulations, 2012.The GGEF, with a total fundraising target of £500 million, will have the UK government and India’s National Investment and Infrastructure Fund (NIIF) as the joint anchor investors. The two have made a commitment of £120 million each to co-anchor the fund. Further funds could be raised under the EverSource Capital platform in the future and the creation of this platform is expected to infuse capital in the Indian renewable energy sector.