Lightsource BP’s Indian Platform, EverSource Capital, leads $330 million investment round in India’s Ayana Renewable Power

Lightsource BP today announced that its Indian investment joint venture, EverSource Capital, is partnering with the National Investment and Infrastructure Fund of India (NIIF) and CDC Group plc to invest a total of $330 million in Ayana Renewable Power.

The EverSource Capital contribution will be supplied from its flagship Green Growth Equity Fund (GGEF), launched in 2018 with a £240m cornerstone investment from NIIF and the UK government. The Fund strategy focuses on large scale green energy and sustainable infrastructure platforms in India.

Ayana was launched to develop utility scale solar and other renewable energy projects across growth states in India. It is currently constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities. With a management team that has a track record of successful execution of renewable energy projects, now partnering with major new capital partners bringing relevant industrial and local India expertise, Ayana is well placed to play an important role in India’s ambition to build 175 GW of renewable energy capacity by 2022.

By mid-2020, India is forecast to surpass China as the world’s largest energy growth market, accounting for over a quarter of the growth in global energy demand supported by robust economic development[1]. There is broad political, regulatory and economic recognition that this growth will be led by renewable power projects, huge electrification and decarbonisation of the economy, and a clear focus on resource and energy efficiency.  Ayana, and other EverSource Capital investment platforms to follow, will follow these macro trends and build market-leading professionally managed companies that can support significant incremental institutional capital investment.

James Brooks, Group Chief Strategy Officer, Lightsource BP and Managing Partner, EverSource Capital, says, “We are excited about our new partnership with Ayana, CDC and NIIF. It is the first investment by our joint venture EverSource Capital and is representative of the future of sustainability investments: viable, commercially attractive, sustainable and scalable. Ayana’s highly credible partners and management team possess the necessary world-class expertise, capital backing and relationships to build a market-leading renewable power platform for India.”

Dev Sanyal, CEO, BP Alternative Energy, says, “BP’s Energy Outlook estimates renewable energy in India growing from around 3% in 2017 to at least 16% by 2040 and, potentially, to as much as 33% under different scenarios. This is driven largely by growth in solar capacity. We are delighted that this transaction marks a new chapter in this fast-growing sector. The scale and ambition for India’s renewable energy sector will need to be enabled by sound investments in infrastructure and generation capacity. This project sets the benchmark for renewable investments in India”.

Dhanpal Jhaveri, Managing Partner, Everstone Group, and CEO, EverSource Capital, says, “This partnership brings together likeminded, climate focused, experienced partners. EverSource Capital is a JV between Everstone Capital, which has an extensive track record of scaling up world-class businesses in India and Lightsource BP, which has a deep global understanding of the renewable energy market. We’re excited to provide strategic and operational value to Ayana, and to be building a high quality, rapidly scalable utility grade renewable energy business.”

[1] Source: BP 2019 Energy Outlook report

Related news

19 Apr, 2024

What is Biodiversity Net Gain, and how will it help nature?

Nature is vanishing at an alarming rate. This is no less than a crisis, with biodiversity loss affecting public health, food security, and efforts to curb climate change.

Read Story

16 Apr, 2024

Do solar panels work on cloudy days?

Solar panels continue to generate renewable electricity even on gloomy days, but how does this work and what effect does cloud have on generation?

Read Story

09 Apr, 2024

World Economic Forum brief: Clean energy as a catalyst for a nature-positive energy transition

World Economic Forum brief examining how building renewable energy can help biodiversity and leave ecosystems in better shape than they found them.

Read Story

08 Apr, 2024

Solar summits to task force – Lightsource bp’s 2024 Q1 event highlights

We hit the ground running to kick off 2024 at Lightsource bp. Here's a glimpse of the highlights from a range of events we have been a part of so far.

Read Story

12 Mar, 2024

2024 utility-scale solar projects in progress

For over a decade, Lightsource bp has been supporting businesses and communities with affordable and reliable solar power.

Read Story

08 Mar, 2024

Celebrating International Women’s Day 2024

International Women’s Day is a global celebration to raise awareness and advocate for women's rights. We asked some of our team members what it means to them.

Read Story

23 Feb, 2024

Cultivating success: Lightsource bp’s vibrant growth in Taiwan through cultural adaptability

Lightsource bp’s Taiwan team organised a lunar year-end appreciation gathering in the town of Budai in Chiayi County, the very site of its pioneering fishery solar project.

Read Story

12 Feb, 2024

Lightsource bp receives Investment Award for its contribution to renewable energy growth in Greece

Lightsource bp, global leader in the development and management of solar energy projects, has been awarded the Investment Award at the UK-Greek Business Awards.

Read Story

08 Feb, 2024

Lightsource bp provides solar panels and technology support for Brazilian public schools

Lightsource bp, a global leader in the development of solar energy projects has continued its support for public schools in Brazil’s Ceará region.

Read Story