Solar power: India third most attractive country for solar investment
India has secured the third rank in IHS Markit’s latest Global Renewables Markets Attractiveness Rankings for the period ending of December 2020.
IHS Markit recently released its latest Global Renewables Markets Attractiveness Rankings for the end of December 2020.
The US has been ranked as the most attractive country for renewable energy investment because of its sound market and attractive support technique. The country has secured the top position in attractiveness for investing in solar PV and onshore wind.
The ranking of different countries' attractiveness is towards investing in solar PV, onshore wind, and offshore wind. The evaluation of countries is based on the current policy frame, investor friendliness, market fundamentals, revenue risks, infrastructure readiness, return expectations, and overall opportunities.
The overall rankings are a combined score of onshore and offshore wind and solar PV. It's weighted on technology-based expected levels of installations until the next decade.
Germany secured the second position on the renewable attractiveness rankings. China, which accounted for over half of the worlds' non-hydro renewables the previous year, ranked third, weighed down by difficulties in accessing the market. However, China secured second place in attractiveness for solar investments.
India ranked sixth in renewables, third for utility-scale solar PV, ninth for onshore wind, and 15th for offshore wind.
France secured the fourth position due to strong market fundamentals backed by stable procurement mechanisms and long-term clean energy targets. Spain is in the fifth position of attractiveness for renewable investment. Likewise, Japan boosted its attraction to the eighth position and Netherlands to the ninth.
Countries with a strong response towards offshore wind have got a significant increase. IHS told the media that the generation source is expected to be the fastest-growing renewable energy technology in the coming decade.
The UK failed to secure its position in the top 10 of the combined rankings due to a lack of support for developing onshore and solar PV. It ranked as the most attractive market for offshore wind investment.
Also read: The leaders in the Indian solar market