October 30, 2017 / 3:17 PM / 25 days ago

Lightsource and Macquarie team up on Indian solar projects

LONDON (Reuters) - British solar power projects developer Lightsource Renewable Energy and Australian bank Macquarie (MQG.AX) will jointly fund the development of large solar power projects in India, the bank said on Monday.

FILE PHOTO: The logo of Australia's biggest investment bank Macquarie Group Ltd adorns a desk in the reception area of their Sydney office headquarters in Australia, October 28, 2016. REUTERS/David Gray/File Photo

As part of the venture, Macquarie’s UK Climate Investments will provide 49 percent of the equity for the construction of the first project, which is Lightsource’s 60 megawatt (MW) solar project in India’s Maharashtra state.

The deal reached financial close on Monday.

UK Climate Investments will also provide up to 30 million pounds for a broader partnership to help Lightsource build a portfolio of up to 300 MW solar power projects.

Reporting by Oleg Vukmanovic and Susanna Twidale; Editing by Greg Mahlich

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