Neev Fund is a Private equity firm which is backed by State Bank of India and UK’s Department for International Development. It has made an undisclosed investment in SunSource Energy Pvt. Ltd. Neev Fund has been providing growth capital to small infrastructure projects in India with an average ticket size of $5-10 million.
SunSource was founded by Adarsh Das and Kushagra Nandan in 2010. The company has over 200 MW of solar projects in India and in overseas locations, and aims to achieve 1.5 GW capacity by 2025. It is an end-to-end solar project developer, and engineering, procurement and construction (EPC) service provider. It will use the capital from Neev fund to develop solar project assets across Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Orissa, Jharkhand, West Bengal and Chhattisgarh.
SunSource has built more than 110 projects across 18 states, primarily for commercial and industrial clients. It has offices in the US, Philippines and Singapore. It expects to reach an installed base of 300 MW across commercial, industrial and utility scale projects by 2020, and 1.5 GW by 2025.
Adarsh Das, CEO and co-founder of SunSource Energy said that their focus on environmentally sustainable solar energy solutions is fully aligned with Neev’s focus on under-invested states. They look forward to deploying this capital into solar assets in these states, and significantly contribute to their sustainable development.
On the other hand, Gavin McGillivray, Head of UK DFID India said that Neev Fund is the first investor in SunSource and this investment will help the company grow in India’s under-invested states. This and their other investments in renewables contribute to meet the ambitious targets set by the Government of India. SBICAPS managing director and CEO Varsha Purandare said that Neev Fund has been a highly successful partnership between SBI and the DFID of UK, having made a meaningful impact in India’s low-income states and a model fund for future funds by SBI/SBICAPS.
Image Courtesy- trademarkia, economictimes