Eversource Capital looks to raise $100 mn for smart meter business
₹5,520 crore, or $741 million, for its maiden fund, the Green Growth Equity Fund. India’s largest climate impact fund yet, it invests across renewable energy, resources and environment, e-mobility and green finance. The firm counts companies such as Ayaana, Radiance, EverEnviro, Kathari Water, GreenCell Mobility, Lithium and Ecofy in its portfolio.
Emailed queries to a spokesperson for Eversource Capital remained unanswered. The smart meter sector is expected to attract rising investor interest given the continued growth in the country’s power network. The Centre has an ambitious plan to promote prepaid smart meters to ensure greater financial discipline in the power sector.
Under the ₹3 trillion Revamped Distribution Sector Scheme (RDSS), the Centre aims to install 250 million smart meters by March 2025. The government has so far sanctioned 222.26 million prepaid smart meters for deployment across states and Union territories, out of which only 7.92 million have been installed as on 13 December, according to data from the National Smart Grid Mission dashboard. In a recent written reply to Parliament, Union power minister R.K.
Singh said that energy accounting and timely collection of dues from government departments, among others, are essential for improving operational and financial efficiency of power distributions companies, and, accordingly, the prepaid smart metering project for government departments and retail consumers has been envisaged to be undertaken on priority. Data gathered as part of the two-way communication in a smart metering solution helps utilities improve load forecasting, which will help them in optimizing their power procurement and reduce the cost of power supply, the minister said. It would
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