Lightsource strategy chief on solar, storage and distributed solutions in India
UK-based developer Lightsource Renewable Energy is looking at solar tenders, distributed generation and energy storage opportunities in India, according to chief strategy officer James Brooks.
This week, Lightsource announced its partnership with UK Climate Investment (UKCI) to both develop and acquire PV projects in the Asian country, and Brooks told PV Tech: “The supply chain costs have now come down to a point where solar can undercut any other form of power in India.”
Referring to its first 60MW project in Maharashtra, also now financed by UKCI, Brooks said: “It’s sensible for our first project in India; it was small enough for risk management purposes and big enough to be interesting.”
The partnership also has its eye on developing 300MW of Indian projects, while also acquiring operational assets, and this is to be the cornerstone of a strategy for at least 1GW of capacity in India.
“We are looking at state level tenders and other distributed energy propositions including energy storage,” Brooks added.
The 60MW Maharashtra project was won in an auction held by Solar Energy Cooperation India (SECI).
Brooks noted: “Because of the effectiveness of the SECI auctions, the evolution of the market has been accelerated by a number of years.”