Lightsource Renewable Energy to invest USD992.97 million in India

India: UK based Lighthouse Renewable Energy has announced to invest USD992.97 million in next three years in 1000 MW solar energy projects. The maiden solar energy project won by Lightsource was 50 MW solar project in Maharashtra last year. The company is planning to contribute to government’s ambitious target of adding one lakh MW of solar energy facility by 2022. Last year, the company had collaborated with SREI Infrastructure Finance Limited for foraying into Indian Solar Energy Space. Further, the company will only secure projects through competitive bidding in India and would avoid MOUs or other forms of Contracts.

TechSci Research depicts that over the past couple of decades, consumption of fossil fuels for power generation in India has increased significantly due to increasing urbanization and industrialization. However, considering future energy requirements and concerns associated with fossil fuels, India has taken huge strides over the past three years in developing its solar potential by implementing green growth agenda along with commissioning of solar power plants, thereby creating the demand for solar power equipment market in the country.

According to released report of TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD 4 billion by 2020. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years. Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 has been a major initiative taken to promote sustainable development of the solar energy sector in the country