India’s Renewable Investments Near $20 Billion

For the first time in history, investment in India’s renewable energy sector surpassed that of fossil fuel-based power production. India achieved this groundbreaking feat in 2017, according to recent figures released in the International Energy Agency’s World Energy Investment 2018 report.

Ringing in at nearly $20 billion, last year’s investment in Indian renewables accounted for over a third of investments in the power sector, thanks to nearly double the money being poured into solar and wind projects, Oil Price reported.

By comparison, in 2017 all investments in power projects based on coal, gas and oil totaled $16 billion.

India’s rising investments in the renewable energy sector has dovetailed with a fall in coal power investments and thermal power generation. Investment for new coal plants plummeted to their lowest numbers in 15 years, according to the IEA report.

Leading the charge is the southern coastal state of Karnataka, home of the booming tech city Bengaluru and locus of the subcontinent’s renewable energy frontlines.  Over the past 12 months, the region became India’s biggest renewable power producer, boasting an installed power capacity of 12.3 gigawatts. This comprises 5 GW of solar energy, nearly 5 GW of wind energy and 2.6 GW of other renewable power sources like hydro and biomass.