UK-based project developer Lightsource has announced its expansion into the rapidly growing solar power market of India.
Lightsource recently signed an agreement to invest $3 billion to develop 3 GW solar power capacity in India. The agreement was signed during Indian Prime Minister Modi’s visit to the United Kingdom.
While the company did not share any details about its plans to set up the solar power projects, it joins a long list of international project developers eyeing the Indian solar power market. Some of the leading foreign companies that have entered the Indian market recently include, SkyPower Global, SBJ Cleantech (a joint venture between SoftBank, Foxconn, and India’s Bharti Enterprises), First Solar, Gamesa, Trina Solar, and Hanwha Solar.
The Indian solar power market has become highly attractive of late, as the government has announced several incentives for the industry. To achieve the 100 GW operational solar power capacity by 2022, the government has announced plans to set up more than two dozen ultra mega solar power projects with a cumulative capacity of 20 GW. These large-scale solar power projects will be supported by a dedicated renewable energy transmission network — the Green Energy Corridors.
The government has signed agreements with development banks of several countries to garner the financial resources required for such a huge target. The ministry of power is also working with the state to have interstate transmission charges removed for electricity generated from renewable energy projects.
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