The Prime Minister of India Narendra Modi has signed £10bn worth of trade deals including pacts on aircrafts and telecoms and £2bn of investment in India by Solar Trade Association member Lightsource Renewable Energy.
Lightsource says the investment illustrates the booming international opportunities available if the UK Government retains a strong domestic solar industry.
The deal will mean Lightsource will design, install and manage around 3GW of solar power infrastructure in India over the next five years, creating an expected 300 jobs and £42m of revenue in the UK, as well as benefiting hundreds of families in India.
Nick Boyle, the CEO of 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.”
The PM’s visit precedes the UN Paris climate conference where Modi will launch his International Agency for Solar Policy and Application initiative. Modi has invited 110 nations to join the initiative, which is expected to attract $100bn of solar business by 2020. India is aiming to install 100GW of solar power by 2022.
Leonie Greene head of external affairs at the Solar Trade Association said: “This visit by the Indian Prime Minister 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 and ensure we take full advantage of global solar markets estimates to be worth trillions of pounds over the coming decades.”