Neev Fund to sell SunSource to Dutch multinational SHV Energy NV

By Beena Parmar

  • 05 May 2021
Neev Fund to sell SunSource to Dutch multinational SHV Energy NV
Credit: Pexels

Private equity firm Neev Fund, backed by State Bank of India (SBI) and UK’s Department for International Development, will exit its three-year investment in SunSource Energy Pvt Ltd by selling stake to a subsidiary of Dutch multinational SHV Energy NV.  

Neev Fund has signed an agreement for the sale of 100% stake in Noida-based SunSource to Hyderabad-based SHV Energy Pvt Ltd, a subsidiary of SHV Energy NV founded 125 years ago,” the fund said. 

Founded in 1996, SHV Energy Pvt Ltd is engaged in operating and distributing liquefied petroleum gas under the brand name Supergas. 


It offers conversion assistance, system design and engineering and maintenance of storage system services. Its products include gas cylinders and forklift liquefied petroleum gas for industrial, commercial and domestic use. 

SHV Energy NV will invest growth capital in SunSource. This investment will be utilised by SunSource to create a pan-Asia capacity of over one gigawatt (GW). 

SHV Energy NV is expected to invest nearly Rs 1,800 crore in the next two years to ramp up solar energy capacity of SunSource to 550 megawatt from the present 65 MW. 


EY India was the exclusive M&A investment banker for growth capital and investor exit while Luthra & Luthra was the legal advisor to SunSource. 

Neev Fund is a $110 million private equity fund which was launched in 2015. It has been providing growth capital to small infrastructure projects in India with an average ticket size of $5-10 million. 

The fund had invested in SunSource in February 2018. Since then Neev Fund has assisted SunSource in accessing financing and improving governance, among others. 


During the fund’s investment period, SunSource has implemented ESG (environmental, social, and corporate governance) and internal controls standards.   

Neev Fund is managed by SBI's alternative investment arm SBICAP Ventures Ltd

Since inception, the fund has invested in 10 companies across renewable energy, agri supply chain, healthcare, education, and waste management. It is now completely committed. 


In December 2020, Neev Fund topped up its first fund to support portfolio companies with commitment from its UK investor. It had previously raised Rs 504 crore for its first fund. 

In November 2020, VCCircle reported that Neev Fund was looking to make the first close for the second investment vehicle. 

The fund’s most recent deal was a top-up investment in Coimbatore, Tamil Nadu-based agricultural warehousing company Leap India Food and Logistics Pvt. Ltd. 


Other portfolio companies include Lakshmi Agro Logistics, Crystal Logistic Cool Chain, Punjab Renewable Energy Systems, Blue Planet Environmental Solutions, RAHI Care, Mahendra Educational, Milk Mantra Dairy, and United Sustainable Energy India. 

SunSource is a solar project developer and an engineering, procurement and construction (EPC) service provider. It is a distributed solar power company focused on commercial and industrial segments through rooftop and ground-mounted projects. It has over 300 solar power projects. 

Founded in January 2010 by Adarsh Das and Kushagra Nandan, it currently operates across India, Philippines, Thailand, Singapore, and USA. 

SunSource’s operational assets cut out approximately 80,000 tonnes of CO2 emissions annually, the company said adding that over 1,500 full-time jobs were created since Neev Fund’s investment.  

“Neev Fund continues to support us post their exit as well,” said Adarsh Das, co-founder and CEO of SunSource. 

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