Lightsource BP, a global renewable energy development firm, and investment firm Everstone Group have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.
The launch fund will be called the Green Growth Equity Fund (GGEF), which has a fundraising target of $71,05,90,500.
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 co-anchor GGEF with a commitment of $17,05,61,400 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.
The creation of this platform will help infuse much-needed capital in the Indian renewable energy sector.
The joint venture (JV) will 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.