Lightsource BP has teamed up with Everstone Group to invest in green energy projects in India.

The two companies have announced plans to create a major fund platform, called EverSource Capital, that will target targeting contracted power, distribution infrastructure and energy services in India.

The launch fund will be called the Green Growth Equity Fund (GGEF), which has a fundraising target of £500 million. GGEF has received cornerstone investments totalling £240 million from India’s National Investment and Infrastructure Fund (NIIF) and the UK government.

Nick Boyle, Group CEO, Lightsource BP, said, “India is one of the fastest and most dynamic markets for clean energy in the world. We know the market well through our renewable projects and we’re delighted to be teaming up with Everstone Group which complements our skill-set in the country.”

Lightsource said that GGEF aims to raise funds from international institutional investors to invest into areas such as renewable energy, clean transportation, water and waste management, emerging technologies and sectors that feed into the above areas in India, which offer significant investment opportunities and potential for attractive returns.