Netherlands-based SHV Energy is set to acquire 100 percent stake of Neev Fund — backed by SBI and the UK government — in SunSource Energy.
Financial details of the deal were not disclosed.
SHV Energy, which is entering the Indian renewable market, said it will ensure expansion of SunSource’s solar portfolio by 500 mega-watt (MW) by 2023. Noida headquartered SunSource provides solar solutions to commercial and institutional entities.
“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 Graber, CEO of SHV Energy said.
SunSource Energy’s co-founders Kushagra Nandan and Adarsh Das will continue to run the company and remain shareholders after the deal.