Everstone-Lightsource BP to set up £500 million energy platform, NIIF among key backers

Private equity (PE) firm Everstone Group has formed an equal JV with British solar power company Lightsource BP to set up a £500 million ($710 million or Rs 46.73 billion) India-focused green energy fund. The fund – Green Growth Equity Fund (GGEF) – has already received £240 million ($341 million or Rs 22.22 billion) in cornerstone investment from the British government and India’s National Investment and Infrastructure Fund. Both institutions have infused £120 million each. The GGEF will be one of the largest India-focused sector-specific PE funds in recent years. The JV, named EverSource Capital, was selected as the fund manager for the fund following an international selection process.