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India receives FDIs worth $1.77 billion in renewable energy in over two years

Source Name: 
The Economic Times
Source Url: 
http://economictimes.indiatimes.com/industry/energy/power/indian-receives-fdis-worth-1-77-billion-in-renewable-energy-in-over-two-years/articleshow/56651663.cms

Government today said India received $ 1.77 billion foreign direct investment (FDI) in non-conventional energy sector from April 2014 to September 2016. 

"Total FDI equity inflow in the non-conventional energy sector during April 2014 to September 2016 was $ 1.77 billion," the Commerce and Industry Ministry said in a statement. 

According to the statement, 100 per cent FDI is allowed under automatic route for projects of renewable power generation and distribution subject to provisions of the Electricity Act, 2003. 

The government has revised its target of renewable energy capacity to 175 GW by 2022-end, making it the largest expansion in the world and providing plenty of opportunities for investors, it said. 

It further said that the UN Environment Program's (UNEP) 'Global Trends in Renewable Energy Investment 2016' report ranks India among the top 10 countries in the world investing in renewable energy. 

The new and renewable energy sector has witnessed the highest ever solar and wind power capacity addition over the last two years since April 2014, it added. 

As on October 31, 2016, cumulative capacity of 46.33 GW grid interactive renewable energy capacity has been installed in the country, which constitutes 15 per cent of the total installed power generation capacity of 307.69 GW, it said. 

The statement added that 3,575 MW capacity has been added from various renewable energy sources as on October 31, 2016 for 2016-17.

Author: sustainabilityoutlook