- New Jersey, US-based Think Energy and EverStream Capital have formed a joint venture for the Indian PV market
- They plan to develop or acquire over 2 GW of solar power projects across India over the next 3 years
- Investment of $300 million in equity capital and about $700 million through debt is planned
- The JV will focus equally on rooftop PV and ground-mounted projects
New Jersey-based solar development company Think Energy has announced a joint venture (JV) with private equity fund manager EverStream Capital, which invests in solar, wind and natural gas. The JV plans to develop or acquire more than 2 GW of solar power projects across India over the next 3 years.
With this JV, the parent companies are looking to invest over $300 million in equity capital and about $700 million through debt, according to an article in Indian business daily The Hindu Business Line. It will focus on both ground-mounted and rooftop solar PV assets with commercial and industrial offtakers. At the same time, it intends to participate in “select” central and state government utility-scale projects.
Along with a Spanish developer, the two companies recently commissioned 104 MW of large-scale PV projects across 6 districts in Telangana, India. The JV also won a tender for 23.39 MW of rooftop PV in Karnataka, Maharashtra, Gujarat and Andhra Pradesh, India, in a recently concluded SECI rooftop round, reported the new outlet.
It was also the recipient of 55 MW of PV capacity, part of the 760 MW of auctioned capacity by Karnataka Renewable Energy Development Ltd. (KREDL), according to the article. In that tender, the 55 MW was won by TEP Rooftop Solar (see Karnataka Awards 760 MW PV).