Lightsource Renewable Energy and the Macquarie group have entered into a partnership platform to fund the development, acquisition and ownership of large-scale solar power generation assets in India. Macquaire is entering the market through UK Climate Investments, part of the Green Investment Group within Macquarie Infrastructure and Real Assets, and would put in GBP30 million (Rs 256 crore).

UK Climate Investments and Lightsource will jointly target the greenfield development and acquisition of operational utility scale solar assets in India with the aim of seeding a platform that can create high-quality de-risked investment opportunities in one of the world’s fastest-growing solar markets. It will mobilise the large-scale deployment of institutional capital through Lightsource.

The seed asset for the partnership will be Lightsource’s 60MWp project in Maharashtra, which reaches financial close with this announcement. Participating in a competitive tender process in 2016, Lightsource secured the project in a competitive 450 MW tender of Solar Energy Corporation India for Maharashtra.

This equity investment is the first by the joint venture, which uses official development assistance from the International Climate Fund to leverage private investment into low carbon projects in India and Africa.

Lightsource is Europe’s leading solar energy company and a global market leader in the development, acquisition and long-term management of international large-scale solar energy projects. Founded in 2010, the company has invested about $3.3 billion in over 300-projects.

UK Climate Investments is a £200 million pilot investment programme mandated to invest in India and across sub-Saharan Africa. It will deploy capital in green projects on commercial terms, mobilising additional private sector investment on a sustainable basis to help the world’s developing economies adapt to climate change and promote greener growth. UKCI is a joint venture between the UK Government’s Department for Business, Energy and Industrial Strategy and UK Green Investment Climate International Limited (“GICIL”), a wholly owned subsidiary within the Macquarie Group.

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