Eversource in Confidential Talks to Launch Second Green Investment Fund, Seeking $700 Million in Capital

Eversource Capital Seeks $700 Million for Second Green Infrastructure Fund

Eversource Capital, a climate and sustainability-focused investment platform backed by the Everstone Group, is in talks with investors to raise $700 million for its second fund. The proposed fund will continue Eversource Capital's strategy of investing in mid-market green infrastructure and energy transition businesses across India and South Asia, spanning segments such as renewable power, electric mobility, energy efficiency, water and wastewater treatment, and waste management.

The second fundraise comes at a time when global capital is increasingly being channelled towards climate-linked assets, despite challenging fundraising conditions for private equity firms amid higher interest rates and geopolitical uncertainty. Investors continue to show strong appetite for platforms offering exposure to operating green assets and scalable sustainability businesses in high-growth markets such as India.

Eversource Capital raised $750 million for its first green fund, Green Growth Equity Fund I, which achieved a final close in 2021. The fund was anchored by the National Investment and Infrastructure Fund (NIIF), with participation from global institutional investors, including pension funds and sovereign-backed entities.

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The second fund is expected to broadly mirror the investment approach of the first, focusing on control and co-control investments in operating businesses with stable cash flows, while also backing growth-stage platforms aligned with India's energy transition and decarbonisation agenda. Eversource Capital has built a portfolio of platforms across renewable energy and sustainability segments through its first fund, including Ayana Renewable Power, EverEnviro, and Radiance.

Key Investments

• Ayana Renewable Power: A large-scale solar and wind power producer sold to a consortium of ONGC and NTPC Green in 2025
• EverEnviro: Focuses on bioenergy and waste-to-energy solutions
• Radiance: Supplies renewable power to commercial and industrial establishments

Eversource Capital is a joint venture between Everstone Group and Lightsource bp, the global renewable energy developer backed by oil major BP.

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