BP’s Lightsource and Everstone Group have closed EverSource Capital’s Green Growth Equity Fund at $741 million – India’s “largest climate impact fund”, according to EverSource.
EverSource was formed in 2018 as a joint venture between solar developer Lightsource BP and India-focused private equity firm Everstone Capital to develop renewable energy infrastructure in India. British oil company BP has a 50 percent stake in Lightsource BP.
GGEF, EverSource’s first fund, builds and invests in renewable energy, energy efficiency, e-mobility, resource conservation, waste management and water management projects.
Investors in GGEF include Lightsource BP ($70 million); British DFI CDC Group ($70 million); the British Foreign, Commonwealth and Development Office (£130 million; $177 million; €155 million); Dutch DFI FMO ($167 million); and India’s National Investment and Infrastructure Fund (£120 million; $164 million; €143 million).
“EverSource aims to be a key catalyst for bringing climate finance into India,” chief executive Dhanpal Jhaveri said in a statement.