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India

India

India third most attractive wind investment market

India has moved up to take third place in Ernst & Young's quarterly index of countries most attractive for investments in wind. According to the index, India will reach its target for 5000 MW of wind capacity by 2012 already this year. Last year it installed 1430 MW of new wind plant, according to Ernst & Young (E&Y). The Indian government is encouraging growth in renewable energy outside the few states where wind is concentrated by producing new tariff policy guidelines and grid codes requiring all state utilities to set targets for renewables. With the country aiming to become energy independent by 2030, E&Y predicts an extension of the 2012 renewables target will be announced soon. Spain and the United States continue to take first and second place in the wind index. Indeed, Spain has occupied the top slot since the index's launch in 2003. E&Y comments that its astute regulatory regime has created a strong manufacturing and development base. Germany is pushed down into joint fourth with the UK, while Italy and China occupy sixth place. The US leads E&Y's separate near term wind index, although its position will depend on the wind's federal production tax credit being renewed in the next year. In E&Y's all-renewables index, Spain, the US, Germany and India come first, second, third and fourth respectively.

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