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According to the latest Climatescope 2018 report by Bloomberg New Energy Finance (BNEF), India has become the world's largest tender market for new renewable energy generation projects and the second largest destination
for attracting clean energy investment.
India's solar market nearly doubled in size in 2017, making it a record year with an annual installed capacity of 9.
4 GW
.
In 2017, India secured more than 11 GW of renewable energy projects through external tenders, attracting $9.
4 billion in new investment, making it the second-largest renewable energy investment market
among 103 countries addressing climate change, according to Bloomberg.
"Investment actually fell from $12.
6 billion in 2016 to $10.
1 billion in 2017.
But this is not necessarily negative, as the country has held a series of reverse tenders that have led to fierce competition among developers," the report said
.
In 2017, India was the world's fifth-largest clean energy investment market, jumping
from sixth place in 2016.
Clean energy investment totaled US$7.
4 billion in the first half of 2018, with solar power projects accounting for the majority
.
As of June 2018, the country's total installed capacity was 346 GW, with renewables (excluding large hydro) accounting for 71 GW
.
About three-quarters of India's electricity comes from coal
.
However, in 2017, India's new renewable energy installations surpassed coal power
for the first time.
The Indian government has reduced its 2027 coal capacity target by 11 GW to 238 GW
as the country seeks to replace coal power with renewable energy through tenders, the report added.
According to the report, while India has a relatively high weighted average cost of capital (WACC) for renewable energy (currently around 8% for wind and solar, down from 12% in 2017), it has lower solar and wind costs of around $40/MWh
.
This is mainly due to India's highly competitive environment, forcing renewable energy developers to achieve relatively low CapEx and OpEx
by global standards.
India's Ministry of New and Renewable Energy aims to tender 80 GW of solar and 28 GW of wind power projects between 2018 and 2020 to meet its stated target
of 175 GW of renewable energy capacity to reach by March 2022.
According to the latest Climatescope 2018 report by Bloomberg New Energy Finance (BNEF), India has become the world's largest tender market for new renewable energy generation projects and the second largest destination
for attracting clean energy investment.
India's solar market nearly doubled in size in 2017, making it a record year with an annual installed capacity of 9.
4 GW
.
In 2017, India secured more than 11 GW of renewable energy projects through external tenders, attracting $9.
4 billion in new investment, making it the second-largest renewable energy investment market
among 103 countries addressing climate change, according to Bloomberg.
"Investment actually fell from $12.
6 billion in 2016 to $10.
1 billion in 2017.
But this is not necessarily negative, as the country has held a series of reverse tenders that have led to fierce competition among developers," the report said
.
In 2017, India was the world's fifth-largest clean energy investment market, jumping
from sixth place in 2016.
Clean energy investment totaled US$7.
4 billion in the first half of 2018, with solar power projects accounting for the majority
.
As of June 2018, the country's total installed capacity was 346 GW, with renewables (excluding large hydro) accounting for 71 GW
.
About three-quarters of India's electricity comes from coal
.
However, in 2017, India's new renewable energy installations surpassed coal power
for the first time.
The Indian government has reduced its 2027 coal capacity target by 11 GW to 238 GW
as the country seeks to replace coal power with renewable energy through tenders, the report added.
According to the report, while India has a relatively high weighted average cost of capital (WACC) for renewable energy (currently around 8% for wind and solar, down from 12% in 2017), it has lower solar and wind costs of around $40/MWh
.
This is mainly due to India's highly competitive environment, forcing renewable energy developers to achieve relatively low CapEx and OpEx
by global standards.
India's Ministry of New and Renewable Energy aims to tender 80 GW of solar and 28 GW of wind power projects between 2018 and 2020 to meet its stated target
of 175 GW of renewable energy capacity to reach by March 2022.
