Investment in renewable energy in India reached a record $14.5 billion in the last financial year (2021-2022), an increase of 125 percent compared to 2020-2021 and 72 percent more than pre-pandemic 2019-2020, finds a new report by the Institute for Energy Economics and Financial Analysis (IEEFA).
“The surge in renewables investment comes on the back of the revival of electricity demand from the COVID-19 lull and commitments by corporations and financial institutions to net-zero emissions and to exit fossil fuels,” said Vibhuti Garg, energy economist and lead India, IEEFA.
“After falling by 24 percent from $8.4 billion in FY2019-2020 to $6.4 billion in FY2020-2021 when the pandemic curbed electricity demand, investment in renewable energy has made a strong comeback.”
The report highlights the key investment deals made during 2021-2022. It finds the majority of the money flo