Release date: 18 April 2018
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.
Lightsource BP’s CEO Nick Boyle said, “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 who complement our skill-set in the country.”
Established in 2017, Lightsource BP is at the centre of BP’s strategy for creating new lower carbon businesses. Solar is one of the fastest growing energy sources worldwide and BP’s $200m investment in Lightsource BP over the next three years is intended to fund a worldwide growth pipeline, which targets to deliver at least 6GW of growth within five years.
Sanyal added: “Our investment in Lightsource BP and this new collaboration demonstrates how BP is aiming to magnify the impact of advancing the energy transition through innovative global partnerships.”