Lightsource and Everstone form »Eversource Capital« to raise £500 million to invest in renewables in India

photonApril 23, 2018147

British Lightsource BP and Everstone Group, an India and Southeast Asia business group and multi asset investment firm, announced to form »Eversource Capital« to invest in green infrastructure in India. The 50:50 JV will manage India-focused green infrastructure funds. Cornerstone investment is £240 million ($276 million), provided by India’s National Investment and Infrastructure Fund (NIIF) and the United Kingdom.
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.« The launch fund will be called the Green Growth Equity Fund (GGEF), which has a fundraising target of £500 million. GGEF is set up as an Alternative Investment Fund (AIF) under regulations of India’s Security and Exchange Board of India (SEBI). GGEF aims to raise funds from international institutional investors to invest into areas including renewable energy.

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