Investment in clean energy projects grew faster in India than in any other major economy in 2011, rising 52 percent to $10.3 billion. That’s according to Bloomberg New Energy Finance.
The largest increase was in India’s solar industry with $4.2 billion.
In 2011, India added 2,827 megawatts of wind capacity, making it the third biggest market after China and the U.S.
In addition, India is setting up Solar Energy Corp. of India, a company with initial capitalization of $405.6 million, to build solar projects and help the country reach a target of 20 gigawatts of solar energy capacity by 2022, a government official told the Wall Street Journal.
That’s because some solar and renewables experts are worrying that a shortage of funds and lack of interest from commercial companies means India might miss its solar energy targets.
The company will gradually take over responsibility for federal solar projects from India’s largest power producer, NTPC Ltd., the Journal says.
India is also planning to launch road shows in the U.S. and Europe in May to attract investment in renewables. The country aims to add 4 to 7 GW of solar capacity in that phase, which ends in 2017.
Further, Bloomberg reports that Indian Energy Ltd. and Trishe Developers Pvt. have agreed to develop as much as 1,000 megawatts of wind farms.
Meanwhile, India’s largest solar program cut the preferential rate it pays utilities for sun power as global prices of the panels declined by more than 50%, Bloomberg reports.
The rate was cut by as much as 33%.
India joins European powers that are cutting clean energy subsidies as equipment costs plunge.
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