India wants to develop 100 gigawatts of solar capacity by 2022, up from 14.8 gigawatts in September. That represents a big opportunity for outside investors and solar developers.
In partnership with U.K.-based Lightsource, Australian bank Macquarie is committing up to £30 million ($39.5 million) from its joint venture with the U.K. government to build a 300-megawatt portfolio in India, Reuters reports.
The partners’ first project is a 60-megawatt solar farm in the state of Maharashtra. Macquarie has earmarked £200 million ($261 million) to invest in commercial-scale green projects in India and Africa.
Lightsource, founded in 2010, has developed $3 billion in solar projects totaling two gigawatts in capacity, mostly in the U.K. and Europe.