Lightsource Renewable Energy, the leading solar energy company in the UK and Europe, is spearheading a £2billion investment in solar energy in India.
The firm has announced plans to design, install and manage more than 3 Gigawatts (GW) of solar photovoltaic (PV) infrastructure in partnership with a number of reputable Indian companies over the next five years.
In addition to creating over 300 solar jobs in India, this investment will also create over 300 UK jobs. Many more jobs will also be created in related industries, such as construction and steel fabrication to facilitate the installation of the new sites.
The first partner announced is SREI Infrastructure Finance Limited, which is the leading infrastructure financing entity in India specialising in financing, development and advisory functions.
Lightsource’s CEO, Nick Boyle said: “We are delighted to be announcing our investment plans for the solar PV market in India. The Indian Government has ambitious plans for renewable energy and we’re very pleased that Lightsource will be contributing significantly to that goal.
“India will be a key market for Lightsource in the future. We are excited to be working with SREI, our first partner. Together we will be contributing towards the Indian Government’s and our individual companies’ ambitions.”
Trade and investment Minister Lord Maude said: “The UK and India have a strong, successful trade relationship. Prime Minister Modi’s visit to the UK this week demonstrates our commitment and ambition to collaborate further.
“Both countries have a wealth of talent and expertise to share and I am pleased to see so many UK and Indian companies announcing deals this week. By working in partnership we can deliver real benefits and job creation for both of our economies.”
Currently the leading solar PV energy generator in the UK and Europe, and one of the top ten largest solar PV energy generators globally, Lightsource has deployed more than £1.7 billion of solar assets and manages an operational portfolio of more than 1GW – enough to power more than 330,000 households each year.
However, India is of key interest to the company after being part of a trade mission to the country earlier this year alongside Baroness Verma – who at the time was an Under Secretary of State at the Department of Energy and Climate Change.