Everstone Group, Lightsource BP Form 50:50 JV to Invest in Indian Green Infrastructure

Lightsource bp enters German market

The newly formed 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.

Indian private equity fund Everstone Group and British solar parks developer Lightsource BP has formed a 50:50 Joint Venture (JV) called ‘EverSource Capital’ to jointly manage funds targeting contracted power, distribution infrastructure and energy services in India.

The newly formed 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 fund raising target of £500m.

Recently, the UK Government and the India’s National Investment and Infrastructure Fund (NIIF) have agreed to become joint anchor investors in GGEF.

The two governments will co-anchor GGEF, with a commitment of £120m each. Contributions from both the countries are investments that will generate returns for each country.

Speaking on the collaboration, Everstone Group, Co-Founder and CEO, Sameer Sain said, “The joint initiative and commitment of India’s National Investment and Infrastructure Fund (NIIF) and the UK Government to invest in and develop green infrastructure in India is a unique and amazing investment opportunity.”

“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,” he added.

Meanwhile, GGEF aims to raise funds from international institutional investors to invest into areas such as renewable energy, clean transportation, water and waste management, emerging technologies and sectors that feed into the above areas in India, which offer significant investment opportunities and potential for attractive returns.