Welspun solar park in Madhya Pradesh. Source: Welspun Renewables
UK state-owned development finance institution CDC Group will invest up to USD 100 million (EUR 94m) to support renewable energy projects in India.
For the purpose, the group will establish an independent renewable energy company in India. This was announced by the UK’s Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, at the inaugural India-UK Energy for Growth Dialogue that took place in New Delhi on April 6 and April 7.
Clark met with India’s Minister for Power, New & Renewable Energy, Coal and Mines, Piyush Goyal, to talk about the current large-scale private sector investments between the two countries in the area of energy. They discussed opportunities for new bilateral cooperation on shared strategic energy priorities.
At the event, Clark announced up to GBP 20 million (USD 24.8m/EUR 23.4m) of additional technical assistance funding under the Energy for Growth partnership to back priority areas for alliances in power, renewables, energy access and efficiency and oil and gas. The two ministers agreed that, when it comes to power and renewables, the focus will be on the introduction of performance-improving smart technologies, energy efficiency and accelerating the deployment of renewable energy.