Narendra Modi, the Prime Minister of India, has signed trade deals worth GBP 10 billion including pacts on aircrafts and telecoms as well as GBP 2 billion of investment in India by STA member Lightsource Renewable Energy, the British Solar Trade Association (STA) announces.
The solar PV deal will allow Lightsource to design, install and manage around 3GW of PV power infrastructure in India over the next five years. The investment illustrates the booming international opportunities available if the UK Government retains a strong domestic solar industry, STA emphasizes.
Modi is visiting the UK as the British solar industry reels from Government plans to implement drastic cuts to the sector. The Lightsource deal will create an expected 300 jobs and GBP 42 million of revenue in the UK, as well as benefiting hundreds of families in India.
“We are delighted to be announcing this investment in India. The Government in India has ambitious plans to electrify India and Lightsource will contribute significantly to that goal,“ comments Nick Boyle, CEO of Lightsource Renewable Energy. “India will be a key market for Lightsource in the future. We are excited to be working with Srei, our first partner, who will be helping us towards achieving our solar PV deployment goals in India.”
The PM’s visit precedes the UN Paris climate conference where Modi will launch his International Agency for Solar Policy and Application initiative. Modi has invited 110 nations to join the initiative which is expected to attract USD 100 billion of solar business by 2020. India is aiming to install 100 GW of solar power by 2022.
Unfortunately only a handful of the largest British solar companies are in a position to take advantage of the massive international opportunities opening up in solar, STA notes. Most British companies risk being cut off at the knees, for want of just a few years extra support at home, meaning the UK will pay a heavy price in lost economic opportunities, which are expected to further accelerate after the Paris climate conference.
“We are delighted for members who are large enough to be able to seize business opportunities overseas. This visit by the Indian Prime Minister, probably the world's greatest solar advocate, should make British politicians stop and think about what is at stake economically and technologically,” said Leonie Greene Head of External Affairs at the Solar Trade Association.
“While Modi is lining up an anticipated GBP 100bn of global solar business, the UK is pushing most of its solar industry backwards, leaving us at an international disadvantage. It is not too late for our Government to get fully behind the British solar industry and ensure we take full advantage of global solar markets estimates to be worth trillions of pounds over the coming decades.”
Source: solarserver