Think Energy, EverStream Capital commissions 104 MW in Telangana
Think Energy, a New Jersey-based solar development company, and EverStream Capital, a renewable energy focused private equity fund manager, have announced a new partnership that will capitalise on the continued growth opportunities in the Indian solar PV sector with an investment outlay of $300 million in equity capital.
The joint venture, headquartered in Hyderabad, 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 and about $700 million through debt.
Think Energy and EverStream, in partnership with a Spanish developer, have recently commissioned 104 MW of utility scale solar power projects across six districts in 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.The joint venture participated in the Solar Energy Corporation of India’s recent Government rooftop tender and was awarded a project portfolio of 23.39 MW in Karnataka, Maharashtra, Gujarat and Andhra Pradesh.Think and EverStream also won 55 MW of solar capacity through the most recent Karnataka Renewable Energy Development Limited.