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The Institute for Energy Economics and Financial Analysis (IEEFA) said on Friday that India needs $500-700 billion to invest in renewable energy and power grids over the next decade to meet its renewable energy development goals
.
Buckley, IEEFA's director of energy finance research, said the world was looking to invest in India's renewable energy sector
.
Over the past 24 months, India's renewable energy capacity building has gained momentum
.
By the end of fiscal year 2021, India's renewable energy will reach 144 gigawatts
.
The study also revealed that India has clear policy objectives for a more cost-competitive low-carbon electricity system, a determination that is also attracting healthy global investment
.
Buckley said global capital inflows to India will accelerate
as long as the Indian government provides a clear policy framework and takes steps to mitigate risks and protect investor confidence.
At the same time, the report also revealed obstacles to renewable energy development in India, including a slowdown in the tender process, weak grid infrastructure and overly aggressive offer caps
.
As a result, India has failed to continue the momentum
of previous years with record low solar and wind tax rates over the past year.
Report co-author Kashish Shah said the slowdown overshadowed some of the very positive recent policy statements that accelerated tendering in
June 2019 after the election.
Shah added: "The proposed tariff policy revision and the improvement of payment security mechanisms are both significant regulatory reforms, while the removal of the priority lending limit for the renewable energy sector will accelerate private bank lending
to renewable energy infrastructure projects.
" ”
The report argues that there are huge investment opportunities in India's power and transport sector for global public and private debt and equity capital seeking stable long-term returns to support power and grid development
by 2030.
"India wants to meet its renewable energy targets while playing a global leadership role in developing a policy framework in line with the Paris Agreement," Barkley added
.
The Institute for Energy Economics and Financial Analysis (IEEFA) said on Friday that India needs $500-700 billion to invest in renewable energy and power grids over the next decade to meet its renewable energy development goals
.
Buckley, IEEFA's director of energy finance research, said the world was looking to invest in India's renewable energy sector
.
Over the past 24 months, India's renewable energy capacity building has gained momentum
.
By the end of fiscal year 2021, India's renewable energy will reach 144 gigawatts
.
The study also revealed that India has clear policy objectives for a more cost-competitive low-carbon electricity system, a determination that is also attracting healthy global investment
.
Buckley said global capital inflows to India will accelerate
as long as the Indian government provides a clear policy framework and takes steps to mitigate risks and protect investor confidence.
At the same time, the report also revealed obstacles to renewable energy development in India, including a slowdown in the tender process, weak grid infrastructure and overly aggressive offer caps
.
As a result, India has failed to continue the momentum
of previous years with record low solar and wind tax rates over the past year.
Report co-author Kashish Shah said the slowdown overshadowed some of the very positive recent policy statements that accelerated tendering in
June 2019 after the election.
Shah added: "The proposed tariff policy revision and the improvement of payment security mechanisms are both significant regulatory reforms, while the removal of the priority lending limit for the renewable energy sector will accelerate private bank lending
to renewable energy infrastructure projects.
" ”
The report argues that there are huge investment opportunities in India's power and transport sector for global public and private debt and equity capital seeking stable long-term returns to support power and grid development
by 2030.
"India wants to meet its renewable energy targets while playing a global leadership role in developing a policy framework in line with the Paris Agreement," Barkley added
.
