UK to back India in development of solar power

(SeeNews) – Nov 17, 2011 – Greg Barker, UK Minister of State for Energy and Climate Change, yesterday pledged that the UK would support India in its efforts to develop solar power, the Indian Express said today.

Barker said the UK was extending GBP 6 million (USD 9.5m/EUR 7m) to help India reduce the cost of solar power and encourage private sector funding for solar projects.

Speaking at Hadapsar, the UK minister said he and a number of big banks, institutions and City investors had discussed with their Indian colleagues problems that prevent investment in the renewable energy sector. He said that they were looking for ways to guarantee that the decision to invest in green energy was a wise financial endeavour.

Barker also mentioned as noteworthy a raft of Indian incentives for the alternative energy sector, such as tradeable renewable energy certificates.

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