More than $10.3 billion was invested in renewable energy projects in India last year, with about $4.6 billion targeting wind energy projects and another $4.2 billion going toward solar projects, the Bloomberg New Energy Finance (BNEF) report said.
For solar, that represented a seven-fold increase from 2010, when investments totaled about $600 million. According to a separate report, the declining price of solar panels has now made solar powera cheaper energy option than diesel generators in India.
“India’s record performance in 2011, and the momentum it is carrying into 2012, is one of the bright spots in the clean energy firmament,” said Michael Liebreich, BNEF’s chief executive.
According to the BNEF report, India is likely to exceed its target of adding 12.4 gigawatts of grid-connected renewable energy as set out in its current five-year plan, which ends next month.
Article appearing courtesy Yale Environment 360.