EverSource Capital
EverSource Capital is a Mumbai-based private equity firm, a joint venture between Everstone Capital and Lightsource BP, managing India's largest climate impact fund ($741M GGEF) with control investments in renewable energy, e-mobility, resource efficiency, and green finance platforms.
- Company typePrivate
- Founded2019
- HeadquartersMumbai, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What EverSource Capital does
EverSource Capital is a Mumbai-based private investment manager and fund manager, structured as a joint venture between Indian private equity firm Everstone Capital and UK-based renewable energy developer Lightsource BP. Founded in 2019, the firm operates India's largest dedicated climate impact fund, the Green Growth Equity Fund (GGEF), which closed at $741 million in January 2022 with NIIF and the UK Government as anchor limited partners. EverSource is preparing to launch a second $1 billion fund in 2025, anchored by a US DFC equity commitment.
The firm pursues an owner-operator model, taking control positions in climate-positive businesses across four investment themes: electric mobility (GreenCell Mobility for e-buses, Lithium Urban Technologies for corporate EV fleets), renewable energy (Ayana Renewable Power, Radiance Renewables), resource efficiency (EverEnviro for waste-to-energy, Kathari for water management), and green financial services (Ecofy, an RBI-licensed green NBFC). Across its maiden fund, EverSource has built seven platforms, avoided 16 million tonnes of CO2 emissions, generated 14.20 million MWh of renewable energy, and powered 612+ million E-miles. In February 2026, EverSource realized its largest exit to date, selling Ayana Renewable Power to an ONGC-NTPC joint venture for $2.3 billion alongside co-investors NIIF and BII.
Economically, EverSource generates revenue through fund management fees on committed and deployed capital in GGEF and Fund II, plus carried interest on exits such as the Ayana transaction. Distribution is entirely B2B and institutional, with LPs comprising sovereign-aligned and development finance institutions (NIIF, UK Government, CDC/BII, FMO, DFC) and strategic LPs (BP). GTM is sales-led and relationship-driven, supported by sustainability reports, market research with CEEW and CRISIL, and limited consumer-facing marketing.
EverSource Capital firmographics
Firmographics- Name
- EverSource Capital
- Legal name
- Eversource Capital Private Limited
- Website
- https://eversourcecapital.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- EverSource Capital is a Mumbai-based private equity firm, a joint venture between Everstone Capital and Lightsource BP, managing India's largest climate impact fund ($741M GGEF) with control investments in renewable energy, e-mobility, resource efficiency, and green finance platforms.
- Ownership category
- akta.pro rank
EverSource Capital industry classification
Industry- Product category
- Climate Impact Private Equity
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Energy & Sustainability / Climate Growth Equity (FSANACAG)
- akta.pro secondary industries
- Renewable Energy & Energy Transition Funds (FSANAJAB), Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)
Keywords
Where EverSource Capital is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
EverSource Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Fund Management Fees and Carry: EverSource Capital generates returns through fund management by operating India’s largest climate impact fund (Green Growth Equity Fund) with $741 million in capital. The firm earns management fees and carry on deployed capital across portfolio companies.
- Portfolio Company Returns: The firm invests equity capital into portfolio companies and generates returns through exits via strategic sales, IPOs, or secondary transactions. Recent exit activity includes sale of Ayana Renewable to ONGC-NTPC JV for $2.3 billion.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
EverSource Capital product offering
Product offeringCore offering
EverSource Capital is a private equity firm that manages India's largest climate impact fund, the Green Growth Equity Fund (GGEF), with $741 million in capital. The firm invests as a control investor in sustainable infrastructure platforms across electric mobility, renewable energy, resource efficiency, and green financial services in India. Through an owner-operator model, EverSource builds and scales climate-positive businesses such as electric bus fleets, renewable energy platforms, waste-to-energy facilities, water management systems, and a green NBFC.
Product overview
EverSource Capital is a sustainable infrastructure investment firm and fund manager, not a product company. The firm operates a platform-plus-portfolio model, managing the Green Growth Equity Fund (GGEF), India’s largest climate impact fund at $741 million, which invests in climate-positive businesses and platforms. The portfolio spans seven key platforms: Ayana Utility Scale Renewables (utility-scale solar/wind), Radiance C&I REaaS (commercial & industrial renewable energy with battery storage), EverEnviro (waste-to-energy and biogas), Kathari (water treatment technology), GreenCell Mobility/NueGo (electric bus mass mobility), Lithium Urban Technologies (corporate e-mobility fleet), and Ecofy (green retail NBFC for EV/solar/SME financing). These portfolio companies operate independently and represent distinct product/service ecosystems rather than modules within a unified product architecture.
Differentiator
Problem solved
Functional benefit
Brands
- Green Growth Equity Fund (GGEF): India's largest climate impact fund managed by Eversource Capital, focusing on sustainable infrastructure investments in renewable energy, e-mobility, waste-to-energy, and water management.
Products and services
- Green Growth Equity Fund (GGEF) India's largest climate impact fund managed by EverSource Capital, investing in renewable energy, e-mobility, waste-to-energy, water management, and green financing sectors across India. Available to institutional Limited Partners through private placement.
- Ayana Utility Scale Renewables A utility-scale renewable energy platform providing solar and wind power generation assets for commercial and industrial customers in India. The platform was exited for $2.3 billion to ONGC-NTPC joint venture in 2026.
- Radiance C&I REaaS A commercial and industrial renewable energy platform offering greenfield solar projects, hybrid wind-solar assets, behind-the-meter installations, battery storage solutions, and interstate transmission capabilities for Indian enterprises.
- EverEnviro Waste to Energy A waste management and biogas production platform developing compressed biogas plants and waste-to-energy solutions for circular economy applications in India.
- Kathari Water Management Technology
Quantifiable outcome
- 16 million tCO2 emission avoided across portfolio
- +3 more outcomes
Companies that use EverSource Capital
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles2 records
EverSource Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
EverSource Capital partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core, minor and major.
- Radiance RenewablescoreCommercial and industrial renewable energy platform backed by Eversource. Secured $100 million equity funding to expand to 2 GWp operational capacity and develop battery storage solutions.
- GreenCell MobilitycoreIndia's largest electric bus platform backed by EverSource Capital. Operating 1,200+ e-buses expanding to 3,700. Deploying 570 electric buses in Delhi and projects across multiple states.
- Luminous Power TechnologiesminorEcofy partnered with Luminous to focus on financing landscape for renewable energy projects especially rooftop solar.
- Waaree EnergiesminorEcofy invested Rs 100 crore in partnership with Waaree Energies (India's largest solar PV manufacturer with 12 GW capacity) to boost rooftop solar adoption.
- VidyutminorEcofy and Vidyut partnered for subscription-based battery-as-a-service model combining hybrid financing with pay-per-km battery leasing.
- UberminorUber expanded partnership with Lithium Urban Technologies and other EV fleet partners to deploy 25,000 EVs across top 7 Indian cities.
- Piaggio VehiclesminorEcofy partnered with Piaggio to provide financing for electric three-wheelers with target of 800 vehicles in first financial year.
- Tata Power Solar SystemsminorEcofy partnered with Tata Power Solar Systems to finance solar solutions including rooftops, EPC services, and solar products.
- EcofycoreGreen NBFC promoted by Eversource Capital with RBI license to operate. Serving 120,000+ customers with rooftop solar, EV loans, and SME financing. Raised $42 million Series B in 2026.
- ThermaxminorThermax and EverEnviro established joint venture for Bio-CNG projects with Thermax holding 65% and EverEnviro 35% shareholding for technology and construction scope.
- Greenstat Hydrogen IndiaminorNorway-based green hydrogen company partnered with Ayana Renewable Power to develop pilot green hydrogen project in Karnataka powered by renewable energy.
- Tata MotorsminorTata Motors partnered with Lithium Urban Technologies to deploy 5,000 XPRES T Electric Sedans for employee transportation across India.
- Lithium Urban TechnologiescoreLargest operator of electric cars in India with 3,000+ EVs serving 100+ enterprise customers. EverSource acquired majority stake for over $50 million. Company operates 25,000 daily trips across 15+ cities.
- EverEnviro Resource ManagementcoreWaste management platform that acquired IL&FS Environmental Infrastructure and Services Ltd. Planning 14 biogas plants with Rs 1,000 crore investment.
- Ayana Renewable PowermajorUtility-scale renewable energy platform in which Eversource co-invested $36 million. Exited in 2026 for $2.3 billion to ONGC-NTPC joint venture along with NIIF and BII.
- UberminorPartnership for Lithium Urban Technologies to onboard 1,000+ EVs on Uber platform for electric ride-hailing services.
- Fourth Partner EnergyminorJV between Fourth Partner Energy and Lithium Urban Technologies to set up 10-15 solar-powered charging hubs across Hyderabad, Bengaluru, and Mumbai with Rs 10 crore commitment from each party.
- Mahindra ElectricminorPartnership milestone: 1,000 Mahindra EVs deployed in Lithium Urban fleet with over 100 million kilometers clocked. Over 75 EVs have covered 200,000+ km.
Scale indicators11 records
Recent moves9 records
Expansion highlights6 records
EverSource Capital competitors and assessment
Company assessmentDirect peers
- Actis: Global climate-focused private equity firm investing across energy transition, sustainable infrastructure, and growth markets; closely comparable as a dedicated climate PE manager in emerging markets with similar scale and platform-building approach.
- responsAbility Investments: Swiss impact asset manager with PE/VC funds focused on climate finance, sustainable energy, and resource efficiency in emerging markets; comparable as an ESG/climate-focused PE manager with similar DFI investor base and emerging-market focus.
- Climate Fund Managers (CFM): Climate-focused PE manager (backed by Sanlam and African Development Bank) investing in renewables, sustainable cities, and climate adaptation across emerging markets; highly comparable as a dedicated climate fund manager with DFI LP base.
- Global Infrastructure Partners (GIP): Now part of BlackRock, GIP invests in renewable energy, energy transition, and sustainable infrastructure globally; comparable as a fund manager building and scaling renewable platforms at scale in emerging and developed markets.
Others
- International Finance Corporation (IFC): World Bank's private sector arm and major climate investor in emerging markets; comparable as a DFI co-investor in EverSource's portfolio (GreenCell, Ecofy) and as a parallel deployer of climate capital in India.
- ReNew Power: India's largest pure-play renewable energy independent power producer; comparable as a scaled utility-scale RE platform and potential acquirer/competitor for similar assets, though operating rather than investing.
- Lightsource bp: Global solar developer and 50% parent of EverSource Capital; comparable as a renewable energy platform builder, with shared expertise and strategic alignment through the JV partnership.
- Everstone Capital: India-focused PE firm and 50% parent of EverSource Capital; comparable as a large India PE platform with track record in climate and infrastructure, and shares investment team and LP relationships with EverSource.
Broad incumbents
- Brookfield Renewable Partners: Largest pure-play renewable energy platform globally with significant India exposure; comparable as an owner-operator of utility-scale renewables and a buyer of climate assets, though broader and more established than EverSource.
- KKR Infrastructure: Global infrastructure investor with India and climate exposure; comparable as a large-scale fund manager deploying capital into renewable energy and climate transition assets, though broader and more diversified across geographies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
EverSource Capital social profiles
Digital presenceEverSource Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
EverSource Capital leadership team
Management profileNumber of profiles
Profiles3 records
EverSource Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
EverSource Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EverSource Capital M&A and investment
M&A and investmentM&A6 records
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EverSource Capital
What does EverSource Capital do?
EverSource Capital is a private equity firm that manages India's largest climate impact fund, the Green Growth Equity Fund (GGEF), with $741 million in capital. The firm invests as a control investor in sustainable infrastructure platforms across electric mobility, renewable energy, resource efficiency, and green financial services in India. Through an owner-operator model, EverSource builds and scales climate-positive businesses such as electric bus fleets, renewable energy platforms, waste-to-energy facilities, water management systems, and a green NBFC.
Is EverSource Capital a public or private company?
EverSource Capital is a private company. It is classified as corporate owned and is currently operating.
When was EverSource Capital founded?
EverSource Capital was founded in 2019. It employs 11 to 50 people.
Where is EverSource Capital based?
EverSource Capital is headquartered in Mumbai, India, in the Asia region.
How does EverSource Capital make money?
Two revenue lines are on record. Fund Management Fees and Carry is the primary driver. The others are portfolio Company Returns.
Who are EverSource Capital's main competitors?
Direct peers on record are Actis, responsAbility Investments, Climate Fund Managers (CFM) and Global Infrastructure Partners (GIP). Others are International Finance Corporation (IFC), ReNew Power, Lightsource bp and Everstone Capital. Broad incumbents are Brookfield Renewable Partners and KKR Infrastructure.
Does EverSource Capital have an API?
No public API is recorded for EverSource Capital.
What industry is EverSource Capital in?
EverSource Capital's product category is Climate Impact Private Equity. Its primary akta.pro industry code is FSANACAG, Energy & Sustainability / Climate Growth Equity, with a secondary code of FSANAJAB, Renewable Energy & Energy Transition Funds. Its NAICS code is 52394 and its SIC code is 6282.