UK Climate Investments To Help Lightsource Expand Into Indian Solar Market
Armed with an ambitious target, UK-based solar power developer Lightsource has found a partner in UK Climate Investments to expand into India’s rapidly growing solar power market.
Earlier this month, Lightsource announced that it entered a partnership with UK Climate Investments to support the former’s target to set up 3 gigawatts of solar power capacity in India. UK Climate Investments will also provide funds to Lightsource to set up its first solar power project in India.
Two years back, Lightsource had announced intentions to set up 3 gigawatts of solar power capacity in India during Indian Prime Minister Modi’s visit to the United Kingdom. A year later, Lightsource Renewable Energy Ltd Managing Director and Head India Operations Rupesh Agarwal said that his company is looking to invest Rs 6,500 crore (US$960 million) over the next 2-3 years in India to set up at least 1 GW of solar power capacity.
The company is currently working to commission a 50 megawatt solar power project that it had secured in a competition auction. Located in the state of Maharashtra, the project will secure 49% of the equity funding from UK Climate Investments.
Lightsource has an additional capacity of 450 megawatts in the pipeline that it had won rights to develop in an auction held by the Solar Energy Corporation of India (SECI).
Lightsource is among the few international project developers which are continue to expand their presence in India. Rapid increase in competition has forced several foreign developers to exit, fully or partially, from the Indian market. The likes of SkyPower Global, First Solar, Fortum and several others are looking to sell equity stakes in their solar power assets.
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