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EverSource Capital plans to buyout Azure Power’s solar rooftop portfolio

Tuesday, 15 Sep 2020
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EverSource Capital is planning plans to buy out the entire 167 MW solar rooftop portfolio of Azure Power Global for around USD 112 million.

The electricity generated from these projects is sold to state run firms such as Solar Energy Corporation of India, NTPC, Railways, Delhi Metro Rail Corporation, Hindustan Aeronautics; commercial and industrial consumers such as DLF and Decathlon, and the state-run electricity distribution companies.

EverSource Capital, an equal joint venture (JV) between private equity firm Everstone Capital and global solar project developer Lightsource BP has invested in Radiance Renewables, a distributed renewable energy platform.

It develops, owns and operates assets for residential, commercial and industrial customers and has a 1.5 GW operating portfolio target in four years.

Azure Power has a seven GW portfolio and German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG), World Bank’s private-sector development arm IFC and CDPQ as investors.

EverSource Capital is a target USD 700 million green infrastructure fund and is looking to invest over USD one billion in renewable energy investments through its Green Growth Equity Fund (GGEF).

It has the National Investments and Infrastructure Fund (NIIF) of India and the UK government’ Department for International Development as anchor investors. In July 2020, BP announced a USD 70 million investment in GGEF.

 
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