Think Energy, a New Jersey-based solar development company and EverStream Capital, a renewable energy-focused PE fund manager, have formed a partnership to capitalize on entering Karnataka’s solar PV market. The Think- EverStream Joint Venture in Karnataka is planning to tap both ground-mounted and rooftop PV assets with commercial and industrial off-takers, as well as select State and Central government utility-scale tenders. Both the companies under a partnership with a Spanish developer have developed, financed, and built a 100 MW portfolio of utility-scale solar projects in Telangana. The six projects were successfully commissioned in fourth quarters of 2017 and are commercially operational. The joint venture company bagged few the Solar Energy Corporation of India’s (SECI) roof-top tenders totaling 23.39 MW, which will be located in the states of Karnataka, Maharashtra, Gujarat and Andhra Pradesh.“The company recently won Karnataka Renewable Energy Development Ltd’s (KREDL) 55 MW of solar capacity tender. Building on this success, the JV plans to develop 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,” said Ravishankar Tumuluri, MD of the Think – EverStream Joint Venture Development Company.
Think-EverStream JV bags KREDL’s solar tender