- India’s clean energy sector has attracted $6.6bn in the first quarter of the fiscal year.
- Total investments this FY is on track to beat that of last year.
India’s clean energy sector attracted a total investment of about $6.6 billion in the first quarter of the 2022 fiscal year, according to the Institute for Energy Economics and Financial Analysis (IEEFA). The IEEFA adds that this ongoing fiscal year is also on track to exceed the $8.4 billion attracted in the preceding year.
ReNew, Azure, and ACME attracted significant investments into the sector. In addition, Adani Green’s acquisition of Softbank’s SB Energy for a total value of $3.5 billion in May ranked as the biggest deal of the quarter. The IEEFA notes that the rebounding energy demand following the pandemic and a surge of commitments from banks and financial institutions to exit fossil fuel financing is driving investment into Indian renewable energy infrastructure.
The IEEFA had earlier stated that India needs at least $500 billion in investment to meet the government’s 450GW target. $300 billion for wind and solar infrastructure, $50 billion for grid firming investments, and $150 billion on expanding and modernising India’s transmission infrastructure.