Investment firm Everstone Group has joined hands with Lightsource BP to jointly manage India-focused green infrastructure funds.
Lightsource is into funding, development, acquisition and long-term management of solar PV projects.
Both companies have teamed-up to create 'EverSource Capital', a fund management platform for green energy infrastructure in the country, a release said today.
The entity will jointly manage "funds targeting contracted power, distribution infrastructure and energy services in India," it noted.
According to the release, the fund, to be called 'Green Growth Equity Fund (GGEF), will target to raise 500 million pounds.
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GGEF is being set up as an Alternative Investment Fund (AIF) under Sebi regulations.
"Today, the United Kingdom Government and the India's National Investment and Infrastructure Fund (NIIF) have announced an agreement to become joint anchor investors in GGEF.
"The UK government and NIIF will each co-anchor GGEF, with a commitment of 120 million pounds each," it said.
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