India’s renewable energy sector has been ranked third in the Renewable Energy Country Attractiveness Index (RECAI) with China at second and the US on top.
The so-called emerging markets now represent half the countries in the 40-strong index, including four African markets featuring in the top 30. Just a decade ago, only China and India were attractive enough to compete with more developed markets for investment, EY said in the report. While the top three countries maintained their ranking, Chile, Brazil and Mexico climbed higher in the index to be ranked in the top 10 at the fourth, sixth and seventh, respectively. Germany at fifth and France at eighth fell in the latest ranking.
Kuljit Singh, partner (infrastructure practice) at EY, said: “The report demonstrates that low solar bids are not a phenomenon restricted to India, but countries such as Mexico and Dubai have also been reporting very low solar bids. As is the case with India, wind continues to be at a pricing premium to solar in the rest of the world, but both these technologies are racing towards grid parity, which may lead to not-so-desirable consequences for traditional utility business models.
Original Post: Joyti Mukul
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