Vinjay Rustag, Managing Director of Bridge to India, said “When you talk to major international investors about the Indian renewables sector, the fundamentals for the sector are compelling.”
“When you look at the imperative to reduce carbon emissions, the growing power demand, the desire to reduce energy costs, as well to provide power to people 24/7 across India, the fundamentals are so strong that we see a strongly growing renewable power sector for one or two or more decades in the future. said Rustag.
Tim Buckley, a Director at the Institute for Energy Economics and Financial Analysis said “Goyal has put forward an energy plan that is commercially viable and commercially justified without subsidies, so you have big global corporations and utilities committing to it.”
India has received an influx of investment from the domestic and international private sectors, including:
- The Asian Development Bank (ADB) has approved a $175 million loan to the Power Grid Corporation of India Limited to help India diversify its power mix by increasing its supply of clean energy
- The International Finance Corporation has invested $5 billion in a 3GW renewables portfolio
- $20bn from Japan’s Softbank for partnerships with Taiwanese company Foxconn and Indian business group Bharti Enterprises.
- EDF announced $2bn in Indian renewable energy projects
- Renew Power received $390 million to finance 700MW of new wind and solar capacity Source: CleanTechnica – Full article HERE.