UK-based Lightsource plans to set up large-scale solar power projects in the budding solar power market of India over the next few years.
Lightsource Renewable Energy Managing Director and Head India Operations Rupesh Agarwal said that his company is looking to invest Rs 6,500 crore ($960 million) over the next 2–3 years in India to set up at least 1 gigawatt (GW) of solar power capacity.
Lightsource recently secured rights to develop a 50 megawatts (MW) solar power project through competitive bidding in Maharashtra.
During Indian Prime Minister Narendra Modi’s 2015 visit to the UK, Lightsource had signed an agreement to invest $3 billion to set up 3 GW of solar power capacity in India over the next few years.
Rupesh Agarwal also stated that 1 GW is the minimum that the company is looking to develop in India but it can increase this capacity based on the auctions being conducted by various states and the central government.
By Baishakhi Dutta
