Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

India Attracted $14 Billion In Renewable Energy Investment In 3 Years

Investment trends in India’s renewable energy sector over the last few years have proven that the market remains of the most attractive and fastest growing clean energy markets in the world.

The Minister of New & Renewable Energy, Piyush Goyal, recently told the Indian Parliament that the country attracted Rs 90,841 crore (around $14 billion) over the last 3 financial years in renewable energy investments, that is, between FY2013–14 and FY2015–16.

The minister also reported that the government provided financial incentives worth Rs 6,541 crore (around $1 billion) during the same period. This financial support includes capital cost support for setting up projects, as well as generation-based incentives for power generation.

The wind energy sector remained the most attractive one for the investors who poured in Rs 46,831 crore (around $7 billion). This was followed by the solar power sector, which received investments worth Rs 30,440 crore ($4.5 billion). Bioenergy projects received Rs 7,382 crore ($1.1 billion) of investment while small hydropower projects attracted Rs 6,187 crore ($0.92 billion).

Over the last few years, investment in the wind energy sector has increased again after the government re-introduced financial incentives such as accelerated depreciation. Annual capacity addition in the wind energy sector has been up since then, increasing to 3.3 GW in FY2015–16. However, investments are likely to fall starting next financial year when the incentives are reduced or withdrawn.

Investment in the solar power sector is expected to increase significantly over the next few years and overtake wind energy as the most attractive sector. Over the next 6 years, India plans to add over 33 GW of wind energy capacity and more than 93 GW in solar power capacity.

 
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Biofuels

At the coal face of a conference that involved governmental figures, academics, logistics customers and OEMs, the detailed technical conversations are almost all about...

Cars

After a very slow start, the Indian battery-electric car market is starting to get exciting. BYD is expanding its presence in the country, shifting...

Cars

India’s electric 2-wheeler market has been booming over the last few years. However, the electric car sector has been pretty slow. India’s electric car...

Clean Power

Indian hydropower company SJVN has announced start of construction of a large solar power park in the northern state of Rajasthan.  On January 3rd,...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.