The five-year deal is a part of commercial agreements worth £9bn signed between the governments of India and the UK in sectors including insurance services, finance, healthcare and energy. The deals were signed during Indian Prime Minister Narendra Modi recent visit to the UK.
Lightsource CEO Nick Boyle said: "The government has ambitious plans to electrify India and Lightsource will contribute significantly to that goal. India will be a key market for Lightsource in the future."
In addition to creating about 300 jobs, the investment by Lightsource, which is a member of Solar Trade Association that represents the UK solar energy industry, is expected to generate £42m in revenue in the UK.
Additionally, UK-listed Indian company OPG Power Ventures also agreed to develop 4.2GW of new power projects in India, with an investment of will invest £2.9bn.
The projects include 1GW of solar farms as well as 3.2GW of thermal and renewable power plants in the Indian state of Tamil Nadu.
Over the next few years, the investment by OPG is expected to create around 100UK jobs as well as jobs in India.
Solar Trade Association external affairs head Leonie Greene said: "While Modi is lining up an anticipated $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."
By 2022, the Indian government aims to have 100GW of solar and 60GW of wind installed capacity.
Image: OPG Power Ventures plans to build 1GW of solar power plants in India by 2020. Photo: courtesy of Naypong/ FreeDigitalPhotos.net.
