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Think Energy, a New Jersey-based solar development company, and EverStream Capital, a renewable energy focused private equity fund manager, have announced a new partnership that will capitalise on the continued growth opportunities in the Indian solar PV sector with an investment outlay of $300 million in equity capital.
The joint venture, headquartered in Hyderabad, plans to develop and or acquire over 2,000 MW of solar projects throughout India over the next three years and expects to invest upwards of $300 million in equity capital and about $700 million through debt.
Think Energy and EverStream, in partnership with a Spanish developer, have recently commissioned 104 MW of utility scale solar power projects across six districts in Telangana.
The six project portfolio was successfully commissioned in the fourth quarter of 2017 and are commercially operational.
The Think-EverStream joint venture will pursue both ground-mounted and rooftop PV assets with commercial and industrial off-takers, as well as select State and Central government utility-scale tenders.
The joint venture participated in the Solar Energy Corporation of India’s recent Government rooftop tender and was awarded a project portfolio of 23.39 MW in Karnataka, Maharashtra, Gujarat and Andhra Pradesh.
Think and EverStream also won 55 MW of solar capacity through the most recent Karnataka Renewable Energy Development Limited.
Ravishankar Tumuluri, Managing Director of the Think–EverStream Joint Venture Development Company, stated “The Indian solar market is slowly but steadily transitioning from large-scale ground mounted solar parks towards distributed generation, and from government PPAs towards commercial and industrial PPAs. As battery technology costs fall, distributed solar generation with commercial and industrial customers will drive the growth in the Indian solar market.”
“Our joint venture with EverStream allows us to be opportunistic in an evolving Indian solar market, both in terms of the size and stage of opportunities we pursue. This flexibility also gives us the ability to capitalise on the various policy frameworks being designed by the Central and state governments.” said Sandip Agarwal, another partner at Think Energy.
"We plan to invest about $1 billion over the next three years as we build a strong portfolio," Sandip Agarwal told BusinessLine .
Paul Huelskamp, Director, EverStream, stated, “We will leverage the collective relationships and resources of our firm to help scale this new business, and we are highly confident in Think Energy’s market knowledge and execution capabilities.”
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