India secured second position in this year’s Renewable energy country attractiveness index report released by Ernst & Young (EY). As compared to last year India has replaced US from the second place. In fact, not long ago EnergyTrend predicted that India will become the third largest solar market this year. Click here to know more about EnergyTrend’s market analysis. India’s growing attractiveness index is a clear sign of a booming solar market in the country.
More on EY’s renewable energy country attractiveness index report:
EY refers to this index as a way to rank countries on the basis of investment feasibility. Thus, higher a country is on the list the better it is for renewable energy investment. This report was a ranking of top 40 renewable markets worldwide in terms of attractiveness. India is now the second-most attractive country after China for green energy investment.
The UK accountancy firm acknowledged the fast growth of Indian clean energy in the past three years. Over 10 gigawatt (GW) of solar power was added between 2015 and 2017. India’s solar capacity crossed 12 GW in the last fiscal year which was a major achievement for the country. This is primarily due to a combination of strong government support and increasingly attractive economics of the country.
Recently, solar power tariff dropped to hit a new low of Rs 2.44 per unit in the auction conducted for Bhadla solar park. The EY report said that government needs to increase compliance with the Renewable Purchase Obligation (RPO) programme. The report also said that India should ensure that distribution companies have the capacity to continue to purchase renewable electricity. In conclusion, India’s growth is going to continue as country moves forward to achieve its goal of building 175 GW of renewable energy by year 2022. India will soon become the best country for renewable energy investment.
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