India sees US$12.9 billion invested in renewables over three years

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The majority of investment in Indian renewables came from the private sector. Flickr: Gopal Vijayarhagavan

Investors poured INR860 billion (US$12.9 billion) into India’s renewable energy projects during the last three years, according to figures from the Central Electricity Authority (CEA).

The majority of investment in the industry came from the private sector.

In a written reply in parliament, power minister Piyush Goyal, said solar energy was responsible for producing 15,400GWh over the three-year period. The minister went on to list the various fiscal incentives for promoting solar energy in India and claimed that India is encouraging “new and better technology”.

This week it emerged that the state-owned Indian Renewable Energy Development Agency (IREDA) could be converted into a green bank.

IREDA chairman and managing director K.S. Popli said this would enable it access the foreign funding from overseas banks that are currently not supporting the solar and wind funding. The agency may issue taxable bonds to raise up to INR20 billion for funding renewable energy projects.

Popli added: “With IREDA conversion into Green Bank, it would be entitled to avail of certain benefits, which the agency is currently deprived of and the proposal is being well supported by the Union Power Ministry.”

The time period for the conversion has not been specified.

CEA figures this week also revealed that the share of renewables, excluding hydropower, in India’s energy mix has reached 5.7% as of February this year, up from 4.97% in 2012/13.

If you are looking to invest in or develop solar projects in India, join us on the 7th of June in London at Solar Finance & Investment: India, a conference designed to bring together European and North American investors and developers looking into the Indian market, as well companies with consolidated presence that are exploring new partnerships.

Read Next

January 25, 2022
Indian PV encapsulant and backsheet manufacturer RenewSys has brought its encapsulant production capacity up to 3GW with the commissioning of a new line in Bengaluru, India, with the company eventually targeting 11GW of capacity through a “phased manner”.
January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 10, 2022
Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.
January 10, 2022
Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.
January 7, 2022
India’s state-owned National Hydroelectric Power Corporation (NHPC) has signed an agreement with the Green Energy Development Corporation of Odisha Ltd (GEDCOL) for the development of 500MW of floating solar projects in the eastern state of Odisha.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal