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Netherlands-based SHV Energy on Wednesday announced its entry into the Indian renewable energy space by acquiring 100% stake of Neev Fund — backed by SBI and the UK government — in SunSource Energy. Though the financial details of the deal were not disclosed, SHV Energy said it will ensure expansion of SunSource’s solar portfolio by 500 mega-watt (MW) by 2023. Industry watchers said this will need investments of around Rs 2,000 crore.
“India is a key market for SHV Energy and this investment underpins our long-term commitment to the region and advancement of renewable energy solutions,” Bram Gräber, CEO, SHV Energy said.
Noida headquartered SunSource focusses on providing solar solutions to commercial and institutional entities. SunSource Energy’s co-founders Kushagra Nandan and Adarsh Das will continue to run the company and remain shareholders after the deal.
Recently, UK government-backed development finance institution CDC Group invested Rs 250 crore into Hyderabad-headquartered Fourth Partner which also focusses on building and financing solar projects across commercial, industrial and institutional entities.