🌞 Everstone Group and Lightsource BP have formed 'Eversource Capital' to invest in green infrastructure in #India.
Lightsource BP has teamed up with one of India’s leading private equity firms to create a fund management platform for low carbon energy infrastructure projects in India.
Lightsource BP, a global market leader in renewable energy development and the Everstone Group, a premier India and Southeast Asia business group and multi-asset investment firm, will work together as ‘EverSource Capital’ to jointly manage funds targeting low carbon infrastructure projects in India.
The launch fund, named the Green Growth Equity Fund (GGEF), has a fundraising target of £500 million. Today (18 April 2018) the UK Government and the Indian National Investment and Infrastructure Fund (NIIF) announced an agreement to become joint anchor investors in GGEF with each committing £120 million to the fund.
Lightsource BP’s involvement in the fund provides a new and significant example - in one of the fastest and most dynamic markets for renewable energy in the world – of how BP’s Alternative Energy business is advancing the delivery of low carbon energy, says CEO of BP Alternative Energy, Dev Sanyal.
India has a national renewable energy mission to install 175GW of capacity by 2022. 60GW of renewable energy, including solar energy, has been installed in the past three years.
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