Investment in renewables increases 59 per cent in 2015
Investment in India’s renewable energy sector shot up 59 per cent year-on-year during the first three months of 2015 to $1.6 billion, according to a report by research firm Bloomberg New Energy Finance (BNEF).
While BNEF predicts that the investment trend in the renewable energy sector remains on track to cross $10 billion in 2015 for the first time since 2011, it still falls short of the levels of commitment made by firms at the recently held event, Re-Invest 2015.
During the event, 213 firms committed $200 billion of investment to set up 266 GW of renewable capacity over the next five years.
However, regulatory filings accessed by BusinessLine reveal that big ticket investment decisions are yet to be firmed up.
For example, Hero Future Energies, part of the Hero Group, which started off with a ?1,000-crore investment in 2013, has cut its 2015-16 investment target to just ?400 crore, including ?100 crore of loans to its subsidiaries.
Meanwhile, global research firms continue to question whether the target of 175 GW of renewable generation capacity by 2022 can be achieved.