Netherlands-based energy firm SHV Energy has announced the acquisition of a significant stake in Indian company SunSource Energy.

SHV is said to have invested Rs18bn ($243m) in SunSource.

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SHV’s investment will increase SunSource’s solar portfolio to more than 550MW by 2023.

SHV Energy CEO Bram Gräber said: “We are pleased to have reached this agreement and look forward to collaborating with our new SunSource Energy colleagues to address the evolving energy needs of commercial and industrial consumers.

“India is a key market for SHV and this investment underpins our long-term commitment to the region and advancement of renewable energy solutions.”

With this deal, SunSource will be able to expand its project portfolio of commercial and industrial (C&I) customers and support its overall ambition to grow to achieve more than 1GW of solar power.

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SunSource’s original investor Neev Fund, which is backed by state Bank of India and the UK’s Department for International Development, has withdrawn from the company.

SunSource co-founder and CEO Adarsh Das said: “We are delighted that SHV Energy has partnered with us.

“We are happy to have a like-minded strategic long-term investor on board who believes in our model of sustainable development and decentralised energy solutions.

“This investment will enable us to use SHV’s global presence and expertise to emerge as a leading global distributed solar company.”

Mr Das and co-founder Kushagra Nandan will continue to run the company and remain shareholders.

Established in 2010, SunSource provides distributed energy for C&I customers in India. The company has a presence across the south-east Asian market.