FDI in renewable energy growing rapidly: govt

The government today said Foreign Direct Investment (FDI) in renewable energy sector has shown an upward trend and investment in the sector in 2009-10 has been very attractive.

"The FDI in renewable sector has been growing rapidly. During 2006-07, 2007-08, 2008-09 and 2009-10, the investment to the sector was $2.11 million, $43.15 million, $85.27 million and $497.91 million respectively," New and Renewable Minister Farooq Abdullah told Rajya Sabha in a written reply.

"The investment in 2009-10 has been very attractive," he said.

Wind energy is the fastest growing renewable energy sector and the FDI inflow in the sector has been increasing over the years, the minister said.

On whether the government proposes to modify the policy regarding foreign investment in the wind energy sector, Abdullah said his ministry has already announced a Generation Based Incentives (GBI) scheme for grid connected wind power projects with the objective of broadening the investors' base by attracting FDI and independent power producers.