- SHV Energy will acquire majority stake in India’s SunSource Energy from Neev Fund for an undisclosed amount
- It is expected to invest around INR 18 billion in the Indian company over the next 2 years to enable latter’s expansion from 65 MW now to over 550 MW by 2023
- SunSource will be able to establish a pan Asia presence with this investment from SHV Energy
Netherlands headquartered LNG supplier SHV Energy will acquire the majority stake in Indian distributed solar energy services provider SunSource Energy that counts commercial and industrial companies as its clients. SHV Energy already operates in India’s LPG market through its local presence SHV Energy Pvt. Ltd.
The Dutch company will acquire this stake from original investor Neev Fund that has been invested in SunSource Energy since 2018 and is backed by India’s largest commercial lender State Bank of India (SBI), and the UK government. Under the deal reached, SunSource Energy’s Co-Founders Kushagra Nandan and Adarsh Das will continue to run the company and maintain their stake.
According to local media, SHV Energy is expected to invest close to INR 18 billion ($244.6 million) in SunSource over the next 2 years to enable the Indian company expand its solar portfolio from 65 MW now to exceed 550 MW by 2023, while aiming to grow to over a 1 GW solar portfolio. Leveraging SHV Energy’s geographic footprint, SunSource will aim to create a pan Asia presence to ramp up its capacity.
For SHV Energy, the move is a part of the companies’ renewables solutions strategy, shared the management as the company’s CEO Bram Gräber explained, “India is a key market for SHV Energy and this investment underpins our long-term commitment to the region and advancement of renewable energy solutions.”
SunSource Energy started out as an EPC firm, and later expanded to invest in C&I solar projects to sell energy generated under independent power producer (IPP) model. It also develops and invests in off-site open access solar projects (see Indian Firm Plans 70 MW Open Access Solar Project).