Britain and India’s commitment to renewable energy was underscored this week with the announcement of a joint investment of £240m by both governments aimed at growing the sector.

Chancellor Philip Hammond was in Delhi for the 9th UK-India Economic and Financial Dialogue. The strategy in renewables is part of an overall objective of strengthening ties with old commonwealth partner India, post Brexit.
Arun Jaitley and Greg Clark
Solar Energy Portal reported that Hammond was hosted by Indian Finance Minister Arun Jaitley.

As part of these efforts, investment from the City of London is to be encouraged into India’s energy sector through a UK-India sub-fund of India’s National Investment and Infrastructure Fund. With a core investment of £120m from each government, this will aim to raise £500 million for Indian infrastructure projects.

The fund will focus initial investments on India’s rapidly growing energy and renewables market and that a fund manager is expected to be selected by the autumn.

The UK’s secretary of state for business, energy and industrial strategy (BEIS) Greg Clark was also in India to take part in the first talks dedicated to deepening energy cooperation between the two countries.

Greg Clark met ministerial counterparts as part of the inaugural India-UK Energy for Growth Dialogue, which will seek to agree priority areas for bilateral collaboration and a business delegation of over 40 companies will explore commercial opportunities.

Representatives from across power, renewables, oil and gas will discuss future direction for the energy sector, infrastructure financing, and opportunities for wider collaboration.

In addition to energy, Clark will also engage in discussions on climate change and wider UK-India ties supporting research and innovation as part of the UK’s emerging industrial strategy.

Clark said: “It is clear that building greater collaboration between the UK and India in the energy sector has the potential to increase prosperity and growth in both our nations.”

“India invests more in the UK than in the rest of the EU combined, while the UK is the biggest G20 investor in India. I look forward to discussing how the UK government’s Industrial Strategy will increase the prospects for shared trade, investment and energy innovation between our two great countries.”

According to BEIS, the Energy for Growth Dialogue takes forward a commitment made by Prime Ministers Narendra Modi and Theresa May during the latter’s visit to India in November last year when plans were unveiled for a £10 million joint research and development centre to support solar energy innovations.

POWER-GEN India and Central Asia takes place in New Delhi from 17-19 May 2017