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Think Energy, a New Jersey-based solar development company, and EverStream Capital, a renewable energy-focussed private equity fund manager, have announced a new partnership that will capitalise on the growth opportunities in the Indian solar photovoltaic (PV) sector.
The JV, headquartered in Hyderabad, plans to develop or acquire over 2,000 MW of solar projects throughout India over the next three years and expects to invest over $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, and select State and Central government utility-scale tenders.
Rooftop tender
The JV participated in the Solar Energy Corporation of India’s (SECI) recent government rooftop tender and were awarded a project portfolio of 23.39 MW in Karnataka, Maharashtra, Gujarat and Andhra Pradesh. They 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.
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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