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UK development finance group commits $100m to Indian renewables

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CDC Group has announced an investment of up to $100m to support the development of renewable energy projects in India.

The UK government’s development finance institution will form an independently-controlled renewable energy company in the country.

At the India-UK Energy for Growth Dialogue in New Delhi, the announcement was made by UK’s Secretary of State for Business, Energy and Industrial Strategy Greg Clark. during his discussions with India Minister for Power, New & Renewable Energy, Coal and Mines, Piyush Goyal.
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A joint statement released by the UK and India read: “India and the UK are building on years of partnership including through the Newton-Bhabha programme. They welcomed wide-ranging jointly funded Research Council UK projects, spanning solar energy, bio-energy, a Joint Virtual Centre on Clean Energy with India’s Department of Science and Technology.

Energy Business Review reports that they also noted the long running collaboration in civil nuclear with India’s Department of Atomic Energy including a fourth phase of research projects planned to be taken forward in 2017 and the MoU for cooperation with India’s Global Centre for Nuclear Energy Partnership (GCNEP).

CDC’s investment is in addition to considerable climate funding from the UK via multilateral initiatives including the Clean Technology Fund for India (CTFI) where it is the largest stakeholder. The CTFI had approved a $775m investment plan allocated for India.

Also announced in the India-UK energy dialogue was a funding of up to £20m for technical assistance under the Energy for Growth partnership to support key areas for collaboration on power, renewables, oil and gas, and energy access and efficiency.

VISIT: POWER-GEN India & Central Asia takes place next month