The reduced risk perception of financiers funding renewable energy projects in India resulted in investments in the sector doubling over the last five years, according to a joint study released by the Council on Energy, Environment and Water (CEEW) and the International Energy Agency (IEA). The report – the 2019 ‘Clean Energy Investment Trends’ – was released at CEEW’s flagship conference – Energy Horizons 2019 in Delhi.
The report maps out the evolution in the renewable power industry and investment landscape through tracking the risk perceptions of debt financiers towards solar photovoltaic (PV) and wind projects over the period from 2014 to 2018. The report also highlights recent developments impacting the pace of capacity addition. According to the report, investment in India’s renewable power sector has doubled over the past five years. At nearly USD 20 billion in 2018, it has surpassed capital expenditure in the thermal power sector. Ambitious targets, supportive policies, and falling technology costs have improved the attractiveness of financing utility-scale solar PV and wind projects. By May 2019, the utility-scale installed capacity of solar PV was over 27 GW and wind was more than 36 GW.