Lightsource Renewable Energy is to invest £2bn in the Indian solar sector over the next five years.
The up to 3GW tie-up is part of a wider £10bn package of cooperation announced on Friday between the UK and India.
Lightsource chief executive Nick Boyle said: “The government has ambitious plans to electrify India and Lightsource will contribute significantly to that goal. India will be a key market for Lightsource in the future.”
The Solar Trade Association said the deal was an example of the markets available to those companies “large enough to be able to seize business opportunities abroad”.
Head of external affairs Leonie Greene added: “This visit by the Indian Prime Minister, probably the world’s greatest solar advocate, should make British politicians stop and think about what is at stake economically and technologically.
“While Modi is lining up an anticipated $100bn of global solar business, the UK is pushing most of its solar industry backwards, leaving us at an international disadvantage. It is not too late for our government to get fully behind the British solar industry.”
DECC secretary Amber Rudd welcomed what was described as “a comprehensive package of collaboration on energy and climate change that will support economic growth, energy security and energy access”.
Other elements of the cooperation include the UK Climate Investments joint venture with the Green Investment Bank, which will invest up to £200m in renewable energy and energy efficiency in India and Africa.
Image: Lightsource
