India Becomes the Second Most Attractive RE Investment Destination

India has overtaken the US to become the second-most attractive country after China for renewable energy investment, according to a report by a UK accountancy firm EY. In an annual ranking of the top 40 renewable energy markets worldwide in terms of allure, China was ranked at the top, followed by India. According to EY, the US slipped to the third spot from first in last year’s ranking. India was ranked third on last year’s EY renewable energy country attractiveness index (RECAI) behind the US and China.

“India continued its upward trend on the index to second position with the government’s programme to build 175 GW in renewable energy generation by 2022 and have renewable energy account for 40 per cent of installed capacity by 2040. A combination of strong government support and increasingly attractive economics has helped push India into the second place,” EY said in a statement.

Solar power tariff has dropped to hit a new low of Rs 2.44 per unit in the recent auction conducted for Bhadla Solar Park.

Source: http://www.hindustantimes.com/