India: Over $42 billion in renewable energy investment over the past four years

India's renewable energy sector has attracted more than $42 billion in investment over the past four years, during which time green energy projects have created more than 10 million jobs
annually.
The figures are part of the Modi government's 4-year list of achievements, shared by the Ministry of
New and Renewable Energy (MNRE).

India's Ministry of New and Renewable Energy said, "New opportunities are emerging
.
A brand new business space has been created
.
India is emerging as the most popular destination
for renewable energy investment.
Foreign investors can enter into cooperation agreements with Indian partners and establish renewable energy power generation projects
.
”

India's Ministry of New and Renewable Energy also added that 100 percent foreign capital as equity is eligible for automatic approval, and the government also encourages foreign investors to build renewable energy generation projects
on the basis of the BOT model.

The ministry also said the country's installed renewable energy capacity has exceeded 70 gigawatts (GW), including more than 40 GW of renewable energy under construction or already tendered
.
"Globally, in terms of installed capacity, India ranks fourth in terms of wind power, fifth in renewable energy and sixth
in solar.
Among them, solar capacity has jumped from 2.
63 GW in 2014 to 22 GW
.
Wind capacity increased from 21 GW in 2014 to 34 GW
.
”

As of March 2020, the trajectory for tendering for 115 GW of renewable energy generation projects has been announced, and the country is working towards the 175 GW renewable energy installed capacity target, with trends indicating that the target will not only be met, but exceeded
.

Other key achievements listed by the department include: competitive bidding through transparent tariffs, waiver of interstate transmission fees, renewable purchase obligations (RPOs), and new wind-solar complementary policies
.