Lightsource BP, a global leader in the development, financing and operation of solar energy projects, is pleased to announce the completion of a renewables project in Maharashtra, India.
The project was financed in partnership with UK Climate Investments (UKCI), a joint venture between the Green Investment Group and the UK Government’s Department for Business Energy and Industrial Strategy (BEIS).
The commissioning of the 60 MWp solar farm in Wagdari, Maharashtra marks a significant milestone for Lightsource BP as its first utility solar asset commissioned in India.
The project is one of the first to be completed from this vintage of Solar Energy Corporation India (SECI) tenders and in line with the Power Purchase Agreement time schedule.
Construction, photovoltaic modules, and technical expertise for the project were provided by Sterling & Wilson and LONGi Solar. Project finance was provided by Rabobank.
Claire Perry, Energy and Clean Growth Minister, said:
As set out in our Clean Growth Strategy, the UK is a world leader in reducing emissions while growing our economy, and the Government is determined to capitalise on the opportunities created by the global transition to low carbon.
I am delighted that UK Climate Investments is working alongside London-based Lightsource BP to leverage the UK’s expertise in solar and support India’s ambitions for renewable energy.
The UK has a track record of exporting our home-grown expertise to the rest of the world and this partnership is a perfect example of the public and private sectors working together to deliver our respective climate, development and growth objectives that will benefit the entire planet.
Nick Boyle, Chief Executive Officer, Lightsource BP, said:
The success of this project is a testament to Lightsource BP’s ability to deliver. The project was developed in-house, and required the support of both our central and local teams working together in close partnership to bring it to fruition.
Richard Abel, UKCI Managing Director, said:
Official commissioning of the site is a major milestone towards providing clean electricity for around 75,000 homes in the Maharashtra region. UK Climate Investments is proud to have worked with Lightsource BP in their first solar project in India, bringing together private sector expertise and catalytic climate finance funding to support India’s transition towards a low carbon economy.
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Notes to editors
About Lightsource BP
Lightsource BP is Europe’s leading solar energy company and a global market leader in the development, acquisition and management of large-scale solar energy projects, as well as smart energy solutions. Through its integrated platform, ground-breaking structured finance, in-house engineering excellence and dedicated O&M division, Lightsource plays a pivotal role in driving the future global energy mix. The company also boasts some of the best talent in the industry, with a team of over 300 specialists in seven offices across three continents. www.lightsourcebp.com
About UK Climate Investments
UKCI is a £200 million pilot investment programme mandated to invest in India and across sub-Saharan Africa. It is targeting transformational green projects where UKCI capital can mobilise additional private sector investment on a sustainable basis to help the world’s developing economies adapt to climate change and promote cleaner, greener growth. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. www.greeninvestmentgroup.com
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie employs more than 14,400 people in over 25 countries. At 31 March 2018, Macquarie had assets under management of £272 billion. www.macquarie.com