India’s renewables industry should be a prime candidate for investors increasingly demanding products that comply with the Paris climate agreement
India’s goal of doubling renewable power by next year is getting a boost from international investors who see the massive market’s potential outweighing significant risks.
French oil major Total SA’s $2.5 billion investment in Adani Green Energy Ltd. last week is a sign that global companies increasingly under pressure to invest in environmental assets are eyeing India’s 1.3 billion energy users, despite a mounting debt at generation companies and attempts by some provinces to renege on power purchase contracts.
Foreign investments are key to meeting Prime Minister Narendra Modi’s target to nearly double renewable energy capacity by 2022 and raise it five-fold to 450 gigawatts over the next decade. The plan offers investment opportunities of $20 billion a year through 2030,
First Published: Jan 26 2021 | 08:29 AM IST