India invested $5.9 billion in setting up renewable energy projects in the first half of the current calendar year, a 10 per cent jump compared to the investments in the same period of 2018, as the Modi government continued its drive toward its ambitious target for 175 Gigawatt of renewable energy by 2022, according to research firm Bloomberg New Energy Finance (BNEF).
The stellar jump in investments in solar and wind energy projects in India came even as the global renewable energy investments dropped 14 per cent to $117 billion, led by a 39 per cent slump in China at $28.8 billion, a 6 per cent dip in US at $23.6 billion and a 4 per cent dip in renewable energy investments in Europe at $22.2 billion during the period.
“The slowdown in investment in China is real, but the figures for first-half 2019 probably overstate its severity. We expect a nationwide solar auction happening now to lead to a rush of new PV project financings. Read More