Lightsource Renewable Energy and Macquarie have teamed up to develop and buy large scale solar power assets in India.

The initial asset for the partnership will be Lightsource’s 60MW project in the state of Maharashtra, which will consist of more than 200,000 panels.

It is expected to generate enough clean electricity to power around 20,000 homes.

UK Climate Investments, part of the Green Investment Group within Macquarie Infrastructure and Real Assets, will provide 49% of the equity for the construction of the project.

It has earmarked up to £30 million for a broader partnership with Lightsource for a total of up to 300MW of solar projects.

Under the agreement, the renewable energy company will provide operations and asset management services.