India and the UK have announced the creation of a clean energy research and development centre on solar energy. This will have both the nations jointly investing £10 million.
The announcement was made at the India-UK Tech Summit by Indian Prime Minister Narendra Modi on British Premier Theresa May's maiden visit to India after assuming office as the UK's Prime Minister. The India-UK Tech Summit 2016 takes place from November 7-9, 2016, in New Delhi.
In June 2016, the two countries had already signed two agreements with one of them related to research projects on micro-grid systems to connect remotely located areas. Back then Indian Minister for Science and Technology and Earth Sciences in India, Harsh Vardhan discussed with his UK counterparts about setting up a India-UK Networked Centre on Solar Energy (see India UK Solar Deal).
In a joint statement issued by the two countries, the two appreciated the Green Masala Bonds issued by the NTPC at the London Stock Exchange in August 2016 (see NTPC Issues Green Masala Bonds). In the coming weeks, Energy Efficiency Services Limited and the Indian Renewable Energy Development Agency are expected to issue green bonds including rupee-denominated bonds in London.
The India-UK Clean Energy R&D Centre will focus on solar energy storage and a collaborative R&D program on energy efficient building materials.