Eversource Cap looks to raise $100 mn for smart meter biz

Eversource Capital is in talks with large family offices and institutional investors to raise $100 million for its smart meter platform, three people familiar with the matter said.

- Sneha Shah & Rituraj Baruah

“The platform (Eversource) is looking at plugging a lot of gaps that exist in the climate tech space and smart meter is one of them. They are looking to float a separate platform," one of the three people cited above said.

Eversource, a joint venture between European renewable energy company Lightsource BP and homegrown private investor Everstone Capital, is also looking to raise its second large fund, a second person added.

“The platform investment into smart meters can either be a separate corpus or part of the second fund it is raising. The final contours are yet to be known," the second person said.