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 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.

The launch fund will be called the Green Growth Equity Fund (GGEF), which has a fundraising target of £500 million (~$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 £120 million (~$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.

Nick Boyle, the Group CEO of Lightsource BP was quoted as saying in a media release, “India is one of the fastest and most dynamic markets for clean energy in the world. 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 creation of this platform will help infuse much-needed capital in the Indian renewable energy sector.

In 2017, Lightsource Renewable Energy and UK Climate Investments, part of the Green Investment Group within Macquarie Infrastructure and Real Assets (MIRA), entered an agreement to form a partnership platform to fund the development, acquisition, and ownership of large scale solar power generation assets in India.

According to Mercom’s Q4 and Annual 2017 Solar Funding and M&A Report, Lightsource Renewable Energy secured $200 million in investment from BP, a British multinational oil and gas company, for a 43 percent equity share in Lightsource.

Meanwhile, GCL-Poly Energy Holdings Limited and SoftBank also entered a Memorandum of Understanding (MoU) recently to establish a joint venture company for setting up an integrated solar photovoltaic (PV) manufacturing facility in Andhra Pradesh.