Lightsource Renewable Energy has formed a partnership with UK Climate Investments to support the development, acquisition, and ownership of large-scale solarpower projects in India.
The partnership will target greenfield utility scale projects, building a platform for high-quality, de-risked investment opportunities for the Indian solar market.
It also expects to mobilise large-scale institutional capital through Lightsource.
Lightsource Renewable Energy CEO Nick Boyle said: “The UK Climate Investments partnership and our first Indian project reaching financial close are significant milestones in the growth of Lightsource.
“This project is a testament to the strength of the team we have in India, supported by a global project finance and operational capability, that have made this project a success.”
The partnership’s new seed asset will comprise Lightsource’s 60MW project in Maharashtra, India. UK Climate Investments is expected to provide 49% of the equity for this project.
Lightsource also took part in a competitive tender process and secured a 450MW project, which is managed by Solar Energy Corporation India (SECI). It will see more than 200,000 solar photovoltaic (PV) modules ground mounted to generate enough electricity to power 20,000 homes.
In addition, the partnership will use third party funding and commercial project finance debt to support initial and subsequent projects.
Lightsource is set to provide operations and asset management services for the newly formed platform in the long-term.