UK Government agency CDC Group is to spend up to $100 million to support projects in India’s renewable-energy sector,
in a move that will see it establish an independent energy company in the country.

UK Business Secretary Greg Clark and India’s Power Minister Piyush Goyal welcomed the move, which was announced
following recent dialogue on economic and financial issues.

Other outcomes of this dialogue include a promise of £20 million from the UK for “additional technical assistance funding” for priority areas including “power, renewables, energy access and efficiency”.

Mr Clark’s Business Department said: “This will build on the existing £10 million power-sector reform programme that is focusing on efficient, reliable and sustainable electricity supply, increasing integration of renewable energy into the grid and improving energy access.”

These initiatives are in addition to UK ‘climate funding’ through multilateral initiatives such as the Clean Technology Fund for India, which has approved an investment plan of $775 million for India and in which the UK is
the largest investor.