Lightsource enters Indian solar partnership with UK Climate Investments

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Lightsource has now also reached financial close on a 60MW project in the state of Maharashtra. Credit: Lightsource

UK-based developer Lightsource Renewable Energy and UK Climate Investments (UKCI), part of the Green Investment Group within Macquarie Infrastructure and Real Assets, have entered into a partnership for the development, acquisition and ownership of utility-scale solar assets in India.

Lightsource's joint venture with UKCI, aims to develop at least 300MW of new Indian PV projects, while also acquiring operational assets. Lightsource will also perform O&M and long-term asset management services under the agreement.

The firm has now also reached financial close on a 60MW project in the state of Maharashtra, with UK Climate Investments to provide 49% of the equity for the construction of this first project.

The project was awarded by Solar Energy Corporation India (SECI) through a competitive auction process in 2016 out of a total 450MW on offer. The project will include more than 200,000 modules installed across 97 hectares.

SECI set the benchmark tariff at INR4.43/kWh (US$0.068) and Lightsource bid for INR1.96 million (US$30,000) per megawatt of viability gap funding (VGF) support.

At a wider level, UK Climate Investments has also earmarked up to £30 million both for this project and for further project developments with Lightsource. The equity investment in the first project also uses official development assistance from the International Climate Fund.

UKCI, a joint venture between the UK Government’s Department for Business, Energy and Industrial Strategy and UK Green Investment Climate International, is a £200 million pilot investment programme mandated to invest in India and across sub-Saharan Africa.

Nick Boyle, chief executive of Lightsource said: “The UK Climate Investments partnership, and our first Indian project reaching financial close, are significant milestones in the growth of Lightsource. This project is a testament to the strength of the team we have in India, supported by a global project finance and operational capability, that have made this project a success. UK Climate Investments are a fantastic partner for us to seed the foundations of a large solar and smart energy investment and operating platform in India.”

Martin Stanley, global head, Macquarie Infrastructure and Real Assets, added: “This first investment for UK Climate Investments will provide the necessary sponsor support for the first project in a very promising series of potential solar investments in India, in line with UKCI’s investment mandate.”

Lightsource previously announced that it has formed a partnership with BlackRock to acquire up to 1GW of solar via a new entity named Kingfisher.

Article revised: Kingfisher is a partnership between Lightsource and BlackRock.

Read Next

November 24, 2021
Tata Group is planning to set up a 4GW solar cell manufacturing unit in the Indian state of Tamil Nadu, according to a report from the Times of India.
November 15, 2021
India’s government is set to scale up funding for its production-linked incentive (PLI) programme for solar manufacturing as it eyes exports of PV equipment.
November 12, 2021
Indian independent power producer (IPP) Azure Power has received a letter of award (LOA) for its first 150MW interstate transmission system connected (ISTS) solar-wind hybrid project with the Solar Energy Corporation of India (SECI).
November 5, 2021
First Solar is actively exploring future capacity manufacturing locations after recording a surge in demand, both domestically and internationally, amidst supply chain obstacles impacting the PV industry.
November 2, 2021
India has pledged to have 500GW of renewable capacity, accounting for 50% of its energy mix, by 2030.
November 1, 2021
India and the UK will launch a transnational and transcontinental grid project, the Green Grids Initiative-One Sun One World One Grid (GGI-OSOWOG or OSOWOG), at COP26 tomorrow.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal