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In April 2018, we announced teaming up with the Everstone Group, one of India’s leading private equity funds, to create a major fund management platform for green energy infrastructure in India to be called EverSource Capital.
EverSource Capital, based in India and staffed by employees from both partners, manages funds targeting contracted power, distribution infrastructure and energy services in India. The JV provides 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 for EverSource Capital is the Green Growth Equity Fund (GGEF), which has a fundraising target of £500m and joint anchor investments from the UK Government and the India’s National Investment and Infrastructure Fund (NIIF), with a commitment of £120m each. UK and India contributions are investments that will generate returns for each country. The GGEF is set up as an Alternative Investment Fund (AIF) under India’s Security and Exchange Board of India (SEBI) Regulations, 2012, and aims to raise funds from international institutional investors. These investments will be deployed 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.
Further funds may be raised under the EverSource Capital platform in the future.
For more details, including statements from the stakeholders, see our press release.