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The UK and Indian governments have announced a new green fund managed by Lightsource BP and Everstone Group, which will invest £500 million in India to develop green energy
.
At the same time, the UK has joined the International Solar Alliance (ISA),
led by India.
As UK-based renewable energy developer EverSource Capital, Lightsource and Indian private equity firm Everstone will aim to develop India's electricity, distribution infrastructure and energy services
through the Green Growth Equity Fund (GGEF).
The UK government and India's National Investment and Infrastructure Fund (NIIF), as co-sponsors, have each committed £120 million to the GGEF
.
Lightsource BP said: "The contribution of the UK and India is an investment
that can bring a return for each country.
”
Overall, the fund has an investment target of £
500 million.
To achieve this, the GGEF aims to support India in achieving its 2022 renewable energy target of 175GW, of which solar PV accounts for 100GW, by mobilizing capital from international institutional investors to invest in areas such as renewable energy, clean transport, water and waste management,
and other emerging technologies and industries in India.
In addition, the British government has also announced that the UK will join the India-led International Solar Energy Alliance (ISA)
ahead of Indian Prime Minister Narendra Modi's state visit to the UK.
While the UK will not provide financial support, it will provide expertise and support ISA in developing solar water pump projects and help increase the number of
mini-grids supplying power to remote areas that cannot be reached by the main grid.
Speaking at an event on the London Stock Exchange this week, UK Minister for International Development Penny Mordaunt, part of the Commonwealth Heads of Government Meeting (CHOGM), said: "This development is an important moment for the UK and we have been committed to providing our expertise to the renewable energy sector
.
As the UK joins the International Solar Alliance, the lives of nearly 1 billion of the world's poorest people will be transformed
across the Commonwealth and beyond.
”
The International Solar Alliance ISA plans to deploy more than 1,000 GW of solar
energy by 2030 by mobilizing more than $1 trillion in funding.
The UK and Indian governments have announced a new green fund managed by Lightsource BP and Everstone Group, which will invest £500 million in India to develop green energy
.
At the same time, the UK has joined the International Solar Alliance (ISA),
led by India.
As UK-based renewable energy developer EverSource Capital, Lightsource and Indian private equity firm Everstone will aim to develop India's electricity, distribution infrastructure and energy services
through the Green Growth Equity Fund (GGEF).
The UK government and India's National Investment and Infrastructure Fund (NIIF), as co-sponsors, have each committed £120 million to the GGEF
.
Lightsource BP said: "The contribution of the UK and India is an investment
that can bring a return for each country.
”
Overall, the fund has an investment target of £
500 million.
To achieve this, the GGEF aims to support India in achieving its 2022 renewable energy target of 175GW, of which solar PV accounts for 100GW, by mobilizing capital from international institutional investors to invest in areas such as renewable energy, clean transport, water and waste management,
and other emerging technologies and industries in India.
In addition, the British government has also announced that the UK will join the India-led International Solar Energy Alliance (ISA)
ahead of Indian Prime Minister Narendra Modi's state visit to the UK.
While the UK will not provide financial support, it will provide expertise and support ISA in developing solar water pump projects and help increase the number of
mini-grids supplying power to remote areas that cannot be reached by the main grid.
Speaking at an event on the London Stock Exchange this week, UK Minister for International Development Penny Mordaunt, part of the Commonwealth Heads of Government Meeting (CHOGM), said: "This development is an important moment for the UK and we have been committed to providing our expertise to the renewable energy sector
.
As the UK joins the International Solar Alliance, the lives of nearly 1 billion of the world's poorest people will be transformed
across the Commonwealth and beyond.
”
The International Solar Alliance ISA plans to deploy more than 1,000 GW of solar
energy by 2030 by mobilizing more than $1 trillion in funding.
