Think Energy and EverStreamCapital to invest $300 million in Indian solar projects
Hyderabad, 8th February 2018 –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)today announced the formation of a new partnership that will capitalize 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. Thesix project portfolio was successfully commissioned in the fourth quarter of 2017 and are commercially operational.
The Think -EverStreamJoint Venture will pursue both ground-mounted and rooftop PV assetswith commercial and industrial off-takers, as well as select state and Centralgovernment utility-scale tenders. It is expected that there will bea particular emphasis on projects utilizing energy storage technologies in thecoming years. The JV participated in the Solar Energy Corporation of India’s(“SECI”) most recent government rooftop tender and were awardeda projectportfolio totaling 23.39MW, which will be located inthe states of Karnataka,Maharashtra, Gujarat and Andhra Pradesh.Think and EverStream also won55 MW ofsolar capacity through themost recent KREDL tender. Building on this success, theJV plans to develop and/or acquire over 2,000 MW of solar projects throughoutIndia over the next three years and expects to invest upwards of $300 millionin equity capital. The JV is headquartered in Hyderabad and look to increaseits investment in the region.
Mr.Ravishankar Tumuluri, Managing Director of the Think – EverStreamJoint VentureDevelopment Company,stated “The Indian solar market is slowly but steadilytransitioning from large-scale ground mounted solar parks towards distributedgeneration, 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 JointVenture with EverStream allows us to be opportunistic in an evolving Indiansolar market, both in terms of the size and stage of opportunities wepursue. This flexibility also gives us the ability to capitalize onthe various policy frameworks being designed by the Central and stategovernments.” said Mr. Sandip Agarwal, another partner at Think Energy.
Mr. PaulHuelskamp, a DirectoratEverStream, stated, “EverStreamsees incredible growthpotential in the Indian solar market and is excited about the opportunity toexpand our partnership with a world-class developerlike Think Energy. We willleverage the collective relationships and resources of our firm to help scalethis new business, and we are highly confident in Think Energy’s marketknowledge and execution capabilities.”