Leading Indian and Southeast Asia business group Everstone Group has partnered with leading global renewable energy company Lightsource BP to form EverSource Capital, a fund management platform intended to support green energy infrastructure in India, with financial kickoff support from the UK Government and India’s National Investment and Infrastructure Fund.
The two companies announced the partnership on Wednesday, a 50/50 joint venture that will manage India-focused green infrastructure funds — targeting contracted power, distribution infrastructure, and energy services. The new joint venture will provide the funds along with the backing of each company’s financial and strategic resources.
EverSource Capital, the joint venture, will manage the fund, which will be called the Green Growth Equity Fund (GGEF) which has a fundraising target of £500 million ($712 million). To kick things off, both the UK Government and India’s National Investment and Infrastructure Fund (NIIF) have agreed to become joint anchor investors and will each commit £120 million to the fund which will generate returns for each country.
“India is one of the fastest and most dynamic markets for clean energy in the world,” said Nick Boyle, Group CEO of Lightsource BP. “We know the market well through our renewable projects and we’re delighted to be teaming up with Everstone Group which complements our skill-set in the country.”
“The joint initiative and commitment of India’s National Investment and Infrastructure Fund and the UK Government to invest in and develop green infrastructure in India is a unique and amazing investment opportunity,” added Sameer Sain, Co-Founder and CEO, Everstone Group. “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 and Lightsource BP via their joint venture EverSource Capital are proud to have been selected as the Investment Manager for this fund, and will also be making a significant investment along with the UK government and NIIF.”