Leading climate impact investor Eversource Capital has catalysed $ 2.5 billion in commercial and concessional global capital into climate opportunities in India, with investments across its portfolio creating financially sustainable and scalable enterprises that collectively have a target to avoid over 30 million tonnes of greenhouse gas (GHG) emissions by 2030.
In its fourth annual sustainability report, the Mumbai-headquartered Eversource said that as of March 2024, their portfolio has generated 8.7 million megawatt hours of renewable energy, facilitated the mobility of millions through electric vehicles, and led to the abatement of 8.75 mn tCO2e of emissions, benefitting 106 million lives. TCO2e, or tonnes of carbon dioxide equivalent, is a standardised unit used to quantify the impact of different GHGs on global warming, expressed in terms of the equivalent amount of carbon dioxide (CO2).
Dhanpal Jhaveri, co-founder & CEO of Eversource Capital, said the need for innovative solutions has never been more critical than now. “At Eversource Capital, we have built a robust climate investing ecosystem that not only addresses these challenges but also drives sustainable impact and inclusion. Our latest sustainability report highlights our progress and the tangible outcomes of our investments,” he said.
Eversource, through its portfolio companies, is lending strong support to India’s transition to a net-zero economy, said the report.
For example, Radiance Renewables Private Limited, which develops, owns, and operates distributed renewable energy generation projects, and Ayana Renewable Power Private Limited, which develops utility-scale renewable energy generation projects across India, have a combined installed capacity of 2079 MWp (megawatt peak, a term used in the context of solar power, the maximum output of a photovoltaic system), generating 8.67 MWh of renewable energy, thus avoiding 7.97 million tonnes of carbon dioxide equivalent, as of March 2024.
By processing and treating 5.15 million tonnes of solid waste and recycling or reusing 4 million tonnes of solid waste, waste and water management companies EverEnviro Resource Management Pvt Ltd and Kathari Water Management Pvt Ltd, also Eversource’s portfolio companies, have added impetus to the expansion of a circular economy. Kathari’s sewage treatment plants have processed over 65 billion litres of wastewater annually, improving sanitation for 1.3 million people along the Hooghly River in Kolkata, while EverEnviro has set up India’s largest municipal solid waste-based compressed biogas plant in Indore with a design capacity of 17 tonnes per day.
Other portfolio companies include those advancing electric vehicle adoption, operating e-buses, and a digital-first non-banking finance company Ecofy that has processed Rs 5,435 million in loans empowering individuals, businesses and states to reduce their carbon footprint.
Along with its contribution to climate sustainability, Eversource and its portfolio companies have also brought positive impact to societies through collaborations with farmers, village-level entrepreneurs, and through applying the ethos of diversity, equity, and inclusion as well as women’s representation.
Eversource received catalytic concessional capital from the US Department of State and USAID through the Blended Finance for Energy Transition (BFET) program, and from the Investment Fund for Developing Countries (IFU) under the Danish Development Finance Institution (DFI). Announced at COP28 by John Kerry, US Special Presidential Envoy for Climate, it provides an impetus to mobilize private capital at scale and deploy it in climate businesses across developing Asian economies.
Eversource Capital is a leading climate impact investor in Asia, founded in 2018 through a partnership between the Everstone Group, one of India and South-East Asia’s leading independent investment platforms with US $ 7 billion in AUM in assets, and Lightsource bp, a leading European renewable energy company.
Eversource aims to mobilise and deploy capital at scale to combat climate change and accelerate towards net zero goals.
Eversource received catalytic concessional capital from the US Department of State and USAID through the Blended Finance for Energy Transition program, and from the Investment Fund for Developing Countries under the Danish Development Finance Institution.
In a short span, the company has built and scaled platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chain sectors.
