India becomes largest renewable energy auctions market in the world


India becomes largest renewable energy auctions market in the world

India has become the largest market globally for auction of new renewable energy generation projects and the second-largest destination attracting clean energy investments. These are the findings of the latest Climatescope 2018 report by Bloomberg NEF (BNEF).

“India’s renewable auctions market is the largest in the world. Over 11 Gigawatt (GW) of projects were awarded through auctions in 2017 resulting in the best year for solar capacity as installations jumped by 90 per cent over the year,” Bloomberg NEF said.

India has secured second place in the global ranking driven by its policy thrust towards renewables and increasing investments in the clean energy sector. The country is the second-largest renewable energy investment market among all Climatescope countries, attracting $9.4 billion in new investments in 2017.

Renewable energy installations in India exceeded those by coal power plants for the first time in 2017 as the country moved closer towards its target to install 175 GW of renewables by 2022. Read More

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