(Bloomberg) -- Lightsource BP and Everstone Group will jointly manage a green fund that aims to invest in Indian power, distribution infrastructure and energy services.
The U.K. government and India's National Investment and Infrastructure Fund have provided 240 million pounds ($341 million) to the new fund called EverSource Capital, the companies said in a statement. They are targeting as much as 500 million pounds of investment.
“India is one of the fastest and most dynamic markets for clean energy in the world,” said Nick Boyle, chief executive officer of Lightsource BP. “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.”
India was the world's sixth-largest clean energy investment market in 2016, according to Bloomberg New Energy Finance. It has a target of installing 175 gigawatts by 2022.
To contact the reporter on this story: Jeremy Hodges in London at jhodges17@bloomberg.net.
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Lars Paulsson, Andrew Reierson
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