UK government agency CDC Group is to invest up to $100m to support projects in India’s renewable energy sector.
The development institution is to establish an independent energy company in the country as part of joint efforts focused on green finance.
UK BEIS Secretary of State Greg Clark and India Minister for Power, New and Renewable Energy Piyush Goyal welcomed the move, which was announced following dialogue earlier this week on economic and financial issues.
Discussion was part of a wider ‘energy for growth’ partnership deal between the two countries.
Other finance included a promised £20m from the UK for “additional technical assistance funding” for priority areas including “power, renewables, energy access and efficiency”.
The two ministers also agreed to work towards accelerated deployment of renewable energy including through support at state level on planning for renewable energy.
“This will build on the existing £10m power sector reform programme that is focusing on efficient, reliable and sustainable electricity supply, increasing integration of renewable energy into the grid and improving energy access,” said BEIS.
Initiatives are in addition to UK climate funding through multilateral initiatives such as the Clean Technology Fund for India that has approved an investment plan of $775m for India and in which the UK is the largest investor, said government.
Image: India has embraced a range of renewable energy technologies (Suzlon)
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