Joint Venture of PE company Lightsource BP and Everstone Capital, EverSource Capital has reportedly bought Origin Renewables Pvt. Ltd, reported VC Circle.
Origin Renewables, which is a Mumbai-based company, was founded in 2015 by Manikkan Sangameswaram. Sangameswaram had formerly co-headed the infrastructure fund of ICICI Venture. The company renders services for ground-mounted solar farms, hybrid wind-solar systems to corporate, as well as commercial users, and rooftop solar projects.
The transaction is marked as the second deal of JV firm, EverSource, which was initiated in 2018 to carry out green and sustainable investments in the country. In the previous year, the JV firm had become part of the National Investment and Infrastructure Fund (NIIF) to support the Indian renewable energy platform, which stayed afloat by CDC Group Plc, reported the above-cited media agency.
EverSource asserts that it has also founded Radiance Renewables Pvt. Ltd to form 1.5 GW of wind, storage or solar capacity in the coming three to five years under a self-build, operate and transfer business model.
Apart from this, the company has incubated the Mumbai-headquartered company, GreenCell Mobility Pvt. Ltd. At present, it is acting as the fund manager of the Green Growth Equity Fund, which was formed with a concerted infusion of NIIF and the UK governments Department for International Development.
The fund aims to invest in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chains, according to its website.