EverSource closes climate impact fund at $741 million

EverSource Capital, a JV between PE firm Everstone Capital and Lightsource BP, has completed the final close of India’s largest climate impact fund, Green Growth Equity Fund (the Fund), at Rs5520 crore ($741 million), the company said on Tuesday.

The UK Government and India’s National Investment and Infrastructure Fund (NIIF) are the investors in EverSource and committed over £240 million as anchor capital.

EverSource is investing to combat climate change by focusing on the decarbonization of energy and resource efficiency. The Fund actively invests in and builds climate-positive businesses and platforms spanning renewable energy, energy efficiency, e-mobility, resource conservation, waste and water management and associated value chains, said the statement.

“EverSource aims to be a key catalyst for bringing climate finance into India as our investments have the potential of generating 450+ billion kilowatt-hours of clean energy, avoiding 450+ million tons of C02 emissions, creating tens of thousands of jobs and adding over $5 billion to the Indian economy over the next

decade,” said Dhanpal Jhaveri, CEO, EverSource Capital.

Eversource had hired Satish Mandhana, former managing partner and CIO of IDFC Alternatives, as chief investment officer. EverSource owns a significant minority stake in Ayana, the renewable energy platform founded by UK based CDC, acquired for $330 million.


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