FDI Worth Over 4000 Crore In Renewable Energy Sector: Farooq Abdullah.

NEW DELHI: India has received Rs 4,900 crore in the last three years as Foreign Direct Investment (FDI) in the renewable energy sector, Lok Sabha was informed on Friday.

"Rs 4,900 crore has been received as FDI equity inflows in the renewable energy sector during the last three years and the current year," New and Renewable Energy Minister Farooq Abdullah said in written reply to a Lok Sabha query.

He said the highest investment took place in 2009-10 when Rs 2,872 crore were received in FDI.

Abdullah said a recent Ernst and Young report has ranked India as the third-best investment destination in the world after China and the US.

He said 100 per cent FDI under the automatic route is permitted in the Renewable Energy Generation and Distribution projects.

The Minister said that several key initiatives taken in the recent past include the introduction of generation-based incentives scheme for wind power to promote projects and the launch of Jawaharlal Nehru National Solar Mission with 22,000 MW target for solar power by 2022.

Meanwhile, replying to another query, Abdullah said it is envisaged that a power generation capacity of around 3400 MW grid-interactive and 130 MW off-grid power will be produced from various renewable energy sources in the country during the current financial year 2011-12.

"The same would require capital investment of the order of around Rs 29,000 crore including Rs 14,500 crore in wind power, Rs 2,500 crore in small hydro power, Rs 3,000 crore in bio-power and Rs 9,000 crore in solar power," he said.

The Minister said an additional investment of about Rs 1,000 crore is envisaged in deployment of devices like biogas plants, solar water heating systems and SPV lighting systems in remote villages.

Source : economictimes.indiatimes.com