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India Seen Needing $100 Billion More to Meet Modi’s Energy Goal

  • Asset finance reaches annual record of $10.5 billion
  • Solar capacity growing at twice the pace of coal, wind power

Prime Minister Narendra Modi needs at least $100 billion more to finance India’s goals for clean energy even after his government’s policies brought in record investment in wind and solar power stations.

That’s the conclusion of a report by Bloomberg New Energy Finance, which found $10.5 billion flew into renewables in India for the fiscal year ended March 31, almost 60 percent more than the $6.6 billion invested two years ago. It also said 7.3 gigawatts of clean-energy projects were built for the latest fiscal year, which is 71 percent higher than the previous period.