Hyderabad: Think Energy (a New Jersey-based solar development company) and EverStream Capital (a renewable energy focused private equity fund manager with over $400 million of assets under management) formed a new partnership that will capitalise on the continued growth of the Indian solar PV sector.
Think Energy and EverStream, in partnership with a Spanish developer, have already developed, financed, and built a 100MW portfolio of utility-scale solar projects in the Indian state of 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. It is expected that there will be a particular emphasis on projects utilising energy storage technologies in the coming years.
The JV participated in the Solar Energy Corporation of India’s most recent government rooftop tender and were awarded a project portfolio totaling 23.39MW, which will be located in the states of Karnataka, Maharashtra, Gujarat and Andhra Pradesh. Think Energy and EverStream also won 55 MW of solar capacity through the most recent KREDL tender.
Building on this success, the JV 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. The JV is headquartered in Hyderabad and look to increase its investment in the region.
Ravishankar Tumuluri, MD, 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 & industrial PPAs. As battery technology costs fall, distributed solar generation with commercial & 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 capitalize 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, “EverStreamsees incredible growth potential in the Indian solar market and is excited about the opportunity to expand our partnership with a world-class developerlike Think Energy. 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.”