SHV Energy, a Dutch family-owned multinational and global LPG distributor, today announced it would invest in Noida-headquartered distributed solar solutions provider SunSource Energy.
The investment is part of SHV Energy’s strategy to leverage its global platform to realize new opportunities within the distributed renewable energy and energy efficiency sectors. It also allows SunSource Energy to meet its growth ambition.
SHV Energy acquires a majority stake in SunSource Energy upon completion of the transaction. Co-founders Kushagra Nandan and Adarsh Das will continue to run SunSource Energy and remain shareholders. The financial details of the transaction were not disclosed.
The investment provides SHV Energy entry into India’s fast-growing renewable energy market, focusing on solutions for C&I customers, capitalizing on the experience of SunSource Energy in decentralized energy projects. SHV Energy already operates in India through its SUPERGAS brand, a leading local LPG player founded in 1996.
“We look forward to collaborating with our new SunSource Energy colleagues to address the evolving energy needs of commercial and industrial consumers,” said Bram Gräber, CEO, SHV Energy. “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.”
The investment will help SunSource expand its C&I solar portfolio to 550+ MWp by 2023, with an overall ambition to grow it to over 1 GW.
“They (SHV Energy) will be financing 550 MW of capital expenditure in two-three years and 1 GW going forward. We will be part of SHV group company and may have the leverage to reach out to a larger C&I base,” said Kushagra Nandan, Co-Founder and President, SunSource Energy.
Adarsh Das, Co-Founder and CEO, SunSource Energy, added, “We are happy to have a like-minded strategic long-term investor on board who believes in our model of sustainable development and decentralized energy solutions. This investment will enable us to leverage SHV Energy’s global presence and expertise to emerge as a leading global distributed solar company.”
As part of this transaction, Neev fund (a private equity firm backed by State Bank of India and UK’s Department for International Development), the original investor of SunSource, has obtained a successful exit.
Founded in 2010, SunSource Energy was initially focused on design and engineering, procurement, and construction (EPC) of solar projects, and since 2018 it has successfully expanded to also invest in C&I solar projects to sell energy to its customers under the independent power producer category. SunSource also develops and invests in off-site C&I projects known as open access solar projects.
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