India leapfrogs Japan in E&Y RE attractiveness index

The global renewables sector has seen “predominately positive developments” in recent months, with especially beneficial changes afoot in India, according to Ernst & Young’s latest renewables attractiveness index.

China remains the number one most attractive country in the world for renewables investment, taking top prize in the onshore wind and PV categories, and number two in offshore wind.

Although China can’t move any higher on the list, “recent positive developments are still worthy of note”, E&Y says.

This spring Beijing published its first detailed plan for electricity market reform in more than a decade, as it seeks to open the sector to greater competition and force electricity suppliers to buy more renewables.

China recently upped its 2015 solar target to 17.8GW, and it is expected to add more than 100GW of onshore wind capacity over the next four years.

The top three positions on E&Y’s list were rounded out by the US and Germany, with the US second only to China in the onshore wind and PV categories, but let down by its number eight ranking for offshore wind.

India overtook Japan for the number four slot, with the latest forecasts predicting that India will add 13GW of wind and 10GW of solar over the next four years. India is now considered the fourth most attractive market for PV investment globally, and fifth for onshore wind.

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