Lightsource Renewable Energy – which operates its commercial solar roof panel business from its Livingston depot near Edinburgh – will also design, install and manage around 3GW of solar power infrastructure in India over the next five years.
The Lightsource deal will create an expected 300 jobs and £42 million of revenue in the UK.
The investment illustrates the booming international opportunities available if the UK Government were to retain a strong domestic solar industry – Modi’s visit to the UK comes as the British solar industry reels from Government plans to implement drastic cuts to the sector.
Nick Boyle, Chief Executive, Lightsource Renewable Energy, said: “We are delighted to be announcing this investment in India. The Government in India 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.
“And we are excited to be working with Srei, our first partner, who will be helping us towards achieving our solar PV deployment goals in India.”
Modi’s visit precedes the UN Paris climate conference where he will launch his International Agency for Solar Policy and Application initiative. The Indian leader has invited 110 nations to join the initiative which is expected to attract $100 billion of solar business by 2020. India is aiming to install 100GW of solar power by 2022.
British Solar Renewables is a UK solar company which has already expanded its business into India and Pakistan. Giles Frampton, Business Development Director at British Solar Renewables commented:
“The election of Prime Minister Modi has given developers and investors great confidence in India as a country within which one can do good business. We are now able to export British goods and knowhow that have been developed in the turbulent UK market.
“It is a great shame that the UK Government has turned its back on renewable energy in general and solar PV in particular whilst most other governments around the world recognise the huge contribution that solar PV can make as a rapidly deployable and cost effective solution to the world’s growing energy needs.”