Company news MJ Hudson acts for UK Government on a joint green infrastructure private equity investment with the Indian Government
 
23 April 2018

MJ Hudson acts for UK Government on a joint green infrastructure private equity investment with the Indian Government

Share
Download Print
A A
Text size

MJ Hudson, today announced the closing of a joint investment by the UK and Indian governments into Green Growth Equity Fund. The two governments made a combined initial investment of £240m to catalyse additional private sector institutional capital contributions for green infrastructure projects in India, one of the world’s largest green energy markets. The Fund, targeting commitments of £500 million, is hoping to reach a final close within 18 months.

The Fund will invest in renewable energy, clean transportation, water and waste management in India as part of India’s flagship National Investment and Infrastructure Fund (NIIF). Eversource Capital, a joint venture between Lightsource BP and Everstone Group, will act as the Green Growth Equity Fund Manager. BP plc bought a 43% stake in Lightsource BP in 2017.

The deal is part of a wide range of new initiatives and agreements between the Indian and UK governments across technology, trade and investment and as global forces for good. A joint statement from Prime Minister Theresa May and Prime Minister Mr Narendra Modi, said that the Fund ‘will help accelerate achieving India’s target of 175GW of renewable energy capacity by 2022 and also invest in other related sectors such as clean transportation, water and waste management.’

As part of an integrated advisory service, MJ Hudson Law provided legal advice, whilst MJ Hudson Investment Advisory division advised on the fund manager selection and the procurement process, including investment and operational due diligence considerations. This joint legal and investment advisory offering cut down on the number of relationships the parties needed to manage, and resulted in a seamless and expedient path to first close.

MJ Hudson’s legal team was led by Eamon Devlin with support from Edyta Brozyniak, Mark Silveira, Peter Mallon and Jacob Freeman. Odi Lahav led MJ Hudson Investment Advisory, with support from Joanne Job, Anthony Fletcher and Jack Fishburn.

Commenting on the closing, Eamon Devlin, Managing Partner of MJ Hudson, Law, said: ‘This high profile joint investment is an indication of the dedication of the UK and Indian governments towards the advancement of clean energy in one of the world’s largest clean energy markets. We are delighted to have been involved in this complex project and we wish all the parties the best of luck in the next stage of their professional relationship.’

Odi Lahav, COO of MJ Hudson, said: “We are very pleased that this project has reached such a substantial first close. It is a symbolic occasion for both governments, and we hope the start of a successful relationship between the parties.”

Share
Download Print
A A
Text size
Get email alerts for tailored content on your favourite topics
Sign up to email alerts

Browser Compatibility Notice

Welcome to MJ Hudson. Please note, this website will not function as intended on Internet Explorer.

For the full experience, we recommended viewing this website on a modern browser, such as Edge, Google Chrome or Mozilla Firefox.

Share this page using the options below