Lightsource BP and Everstone launch green fund platform for India

Facebook
Twitter
LinkedIn
Reddit
Email
The launch fund named the Green Growth Equity Fund (GGEF) has the backing of the India and UK governments. Credit: Lightsource

UK-based renewable energy company Lightsource BP and Indian private equity firm Everstone Group have formed a fund management platform aimed at investing in green infrastructure in India, with the launch fund targeting £500 million (US$710 million).

The 50:50 JV named ‘EverSource Capital’ will manage an initial fund named the Green Growth Equity Fund (GGEF), which has the backing of the India and UK governments, who will become joint anchor investors. India’s National Investment and Infrastructure Fund (NIIF) and the UK government have already invested £120 million each in the GCEF.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The GCEF aims to raise funds from international institutional investors to invest in renewable energy, clean transportation, water and waste management, and other emerging technologies in India.

The JV, EverSource Capital, will manage the fund, targeting contracted power, distribution infrastructure and energy services in India and it may raise further funds in the future. It will provide these funds with financial and strategic resources “aiming to create successful green energy businesses in partnership with local management teams”, said a joint company release.

The Fund aims to sponsor entrepreneurs with the financial and other resources they need to create successful green energy businesses. The target investment size for GGEF will be equity cheques of approximately US$10–250 million for each individual investment, said the company website.

Nick Boyle, group CEO, Lightsource BP, 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 which complements our skill-set in the country.”

Sameer Sain, co-founder and CEO, Everstone Group, said: “By using a pooled investment vehicle and a Public plus Private Partnership approach global investors will get the opportunity to be part of this exceptional investment platform. Everstone and Lightsource BP via their joint venture EverSource Capital are proud to have been selected as the investment manager for this fund, and will also be making a significant investment along with the UK government and NIIF.”

Lightsource BP has over US$3 billion of capital invested across around 2GW of solar projects globally. In late 2017, BP acquired a 43% equity share in Lightsource and the company was rebranded as Lightsource BP.

Everstone Group has been active across India and Southeast Asia.

Read Next

September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
September 10, 2025
Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the first quarter of FY26.
September 8, 2025
Vikram Solar has won a 336MW module supply agreement from L&T Construction for the 2.3GW Khavda solar park in Gujarat. 
September 4, 2025
India’s Goods and Services Tax (GST) Council, the joint forum of the Centre and States, has reduced the GST rate on renewable energy components from 12% to 5%. 
September 4, 2025
Indian solar manufacturer Waaree Energies has acquired a 64% equity stake in power transformer manufacturing company Kotsons.
September 3, 2025
India has added 2.8GW of rooftop solar in H1 2025, a 158% year-on-year surge from just 1.1GW in the same period last year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines