Currently India ranks fourth on Ernst & Young’s renewable attractiveness index behind China, US and Germany. But it ranks second on the solar index, and third on the wind index, says the latest study by Ernst & Young.
With power generation from renewable sources on the rise in India, share of renewable energy in country’s total energy mix increased from 7.8 per cent in financial year 2008 to 12.1 per cent in financial year 2012.
India is said to have an installed renewable energy capacity of 26 GW as on 31 August and it intends to more than triple its renewable energy capacity in the next 10 years, driven mainly by wind and solar, the study said.
Solar energy sector is regarded as an attractive venue for investors wanting to shift their focus from Europe’s declining solar sector and has attracted investments worth $4.2 billion in 2011, growing nearly seven-fold from 2010.
The report states that investments in clean energy in the country, increased by 54 per cent year-on-year, representing the highest growth rate across any significant global economy, to reach $10.2 billion in 2011.
The wind energy sector attracted investments amounting to $4.6 billion, while the solar energy sector witnessed investments of $4.2 billion, it said.
Sanjay Chakrabarti, partner and national leader – Cleantech, Ernst & Young, said that renewable energy is expected to play a vital role not only from an environment angle but more importantly from the energy security perspective.
Aadeetya S, EFYTIMES News Network