India’s renewable energy sector could become a prime destination for global investors with a potential to attract $10 billion (Rs 71,550 crore) of annual investments, Bank of America’s global head of energy and renewable business said.
The government’s target of generating more than 10,000 megawatts of energy from renewable sources will draw big investment into wind and solar projects, although changing regulatory goalposts is a disturbance, Ray Wood, the head of power, utilities & renewables at the bank, told ET.
“What people like about renewables the most is that you have a long-term contract of over 20 years,” he said, referring to long-term power supply contracts that often are part of the projects auctioned by government agencies.
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“Foreign money including pensions, insurance money and sovereign money are the primary sources of this institutional funding into renewables,” he said.
Source: Economic Times
