Saudi Arabia, Lightsource BP eye Solar India

Saudi Arabia is interested in partnering India to develop complementary supply chains and deploy funds and new technologies in India in what may further bring down already low solar power tariffs in the country. Also, UK-headquartered Lightsource BP is betting big on setting up solar power projects in the country through its partnership with the National Investment and Infrastructure Fund of India (NIIF). “We discussed with Indian leadership the opportunities to synergise our vision with India,” said Khalid A. Al-Falih, Saudi Arabia's minister for energy, industry and mineral resources at the India Energy Forum by CERAWeek this week. He said the idea is to develop solar supply chains while also investing in India. The proposal from Saudi Arabia comes at a time when India has pitched the International Solar Alliance (ISA) as a counterweight to Organisation of the Petroleum Exporting Countries (Opec)-of which the Middle East country is a prominent member. India has also emerged as one of the most favourable destinations for renewable energy with investments of about $42 billion. The government estimates the sector to have a business potential of about $70-80 billion over the next four years. This, in turn, has attracted companies such as BP Plc that has already made a $12 billion investment commitment in India.