India’s Ostro Energy to raise $150 mln from EverSource Capital

EverSource Capital, an Indian green infrastructure joint venture (JV) between private equity fund Everstone Group and UK-based renewable energy company Lightsource BP’s Eversource Capital, is ready to back the new renewable energy platform launched by Ostro Energy, an Indian energy firm set up by UK-based private equity fund Actis LLP.

Ostro Energy will raise about $100 million to $150 million from EverSource by selling a controlling stake in the new platform.

In 2018, Ostro Energy was sold to Indian renewable energy company Renew Power at an enterprise value of $1.6 billion.

In April, Everstone Group and Lightsource BP launched Green Growth Equity Fund, with a target of $700 million where the UK government and Indian National Investment and Infrastructure Fund will be co-anchors with a commitment of $160 million each.