The UK Green Investment Bank and the Department for Energy and Climate Change have launched a joint venture to invest as much as £200 million (US$304 million) to invest in renewable and energy efficiency projects in developing nations.
The joint venture, called UK Climate Investments, will initially target countries including India, South Africa and parts of East Africa. The first project, expected to be finalised soon, will see the construction of solar PV farms across a number of sites in India.
UK Climate Investments has been mandated to invest in projects on commercial terms, making market-leading, transformational investments that will ‘crowd in’ private investors.
“The vast majority of investment needed to tackle climate change and make the transition to low carbon energy will need to come from the private sector,” said Amber Rudd, Secretary of State for Energy and Climate Change. “The funding we’re committing will help to demonstrate profitability and transform the renewable and energy efficiency industry in India, South and East Africa.”