Lightsource BP, EverSource to help deploy US$330 million into Indian renewables

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
India has been told by consultants it must rebuild investor confidence in 2019 (Credit: Azure Power India)

Lightsource BP and EverSource are to help channel US$330 million towards Indian utility-scale solar and wind, using an investment platform run by the CDC Group.

The UK developer and Indian private equity firm will be investing in the scheme through EverSource Capital, a green fund management platform they launched last year.

Their investments in India – together with those from India’s National Investment and Infrastructure Fund (NIIF) – will be deployed via Ayana Renewable Power, a Southeast Asia-focused unit created last January by development financier CDC.

Run by an independent board, Ayana was launched to boost renewables across India but also Pakistan, Sri Lanka and Myanmar. The unit is overseeing construction of 500MW in solar capacity in India alone and has, EverSource said, a “strong pipeline” of projects to add to the portfolio in the future.

Indian PV’s quest for private capital

The fresh funding to India’s PV follows similar large-scale financing boosts for the industry. Only last week, the government rubberstamped INR344 billion (~US$4.84 billion) in investment to deploy 25GW across farming land; this was followed by an announcement by Northeastern states this week of a 1GW PV tender

Private funding is proving more elusive, however. In mid-February, Bridge to India consultants warned the government would need to work hard in 2019 to mend investor confidence, “hammered” last year by execution issues, policy reversals and the cancellation of tenders.

For Lightsource BP, the news on India follow weeks packed with announcements in the UK, the US, Iberia, Egypt and others; the 15-year PPA it signed with Budweiser for 100MW worth of projects last December was pitched as the UK’s “biggest ever” subsidy-free solar deal.

The key fund of its platform alongside EverSource is the Green Growth Equity Fund, a vehicle backed by the British and Indian governments to deploy US$10-250 million cheques in renewables, clean transport and other areas.

Read Next

May 13, 2021
Solar developer Lightsource BP has been granted planning approval to develop a 400MWdc solar farm in New South Wales Australia.
May 11, 2021
Spain’s Solarpack was affected by pandemic-related project delays in Chile during a first quarter, in which it saw its net profit shrink 95% year-on-year to €300,000.
May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 30, 2021
Solar manufacturers that plan on setting up integrated, higher capacity plants in India will be given preference in the country’s new production-linked incentive (PLI) programme.
April 26, 2021
Solar developer ACWA Power has secured a total US$114 million from financial institutions to fund the construction of what it claims will be Egypt’s largest private solar plant.
April 20, 2021
India presents an “enormous potential” for the development of solar and wind hybrid power systems, with more than 12.3GW of collocated tenders issued in the country to date.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021