UK-based Lightsource has come out with plans to set up large-scale solar power projects in the budding solar power market of India over the next few years.
Talking to Indian media outlets, Lightsource Renewable Energy Ltd Managing Director and Head India Operations Rupesh Agarwal said that his company is looking to invest Rs 6,500 crore (US$960 million) over the next 2-3 years in India to set up at least 1 GW solar power capacity.
Lightsource had recently secured rights to develop 50 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 US$3 billion to set up 3 GW 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 can increase this capacity based on the auctions being conducted by various states and the central government.