India Sees $100 Billion in Renewables Investment in Eight Months
A “crush of deals” in India has produced $100 billion in renewable energy investment in the last eight months, pointing toward an “unprecedented shift” in the country’s energy mix, IEEFA reported earlier this month.
“Just a few months ago, global financial markets reflected investor skepticism around whether good intentions and big promises could be turned into concrete actions,” the Cleveland-based institute reports. “The figures we see today speak for themselves, and the $100 billion in firm commitments signed and sealed include deals with state-owned enterprises, leading Indian power companies, a number of Indian billionaires new to the power sector, and major global renewable energy firms and utilities.”
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The activity includes new capacity committed by four of the world’s largest solar manufacturers, project development by three leading renewable energy utilities and four North American solar concerns, and a flurry of announcements by investors from Asia, Europe, Abu Dhabi, North America, and India itself. The country sealed more than a dozen new deals in October alone.
“It’s all in line with Energy Minister Piyush Goyal’s repeated assertion that India’s reliance on thermal coal imports is not sustainable,” Buckley writes. “There is quite simply no rational economic case for imported coal in India, and the speed of renewable energy developments is now undercutting even domestic fossil fuels.”