India's 2011 clean energy investments total $10.3B

India accounted for 4% of global investments in the clean energy sector last year at 10.3 billion.

Investment in clean-energy projects grew faster in India than in any other major economy last year, rising 52%, reports Bloomberg.

The growth was driven by a seven-fold increase in funding for the grid-connected solar projects-- from $0.6 billion in 2010 to $4.2 billion in 2011.

On the other hand, the wind energy sector, totaled $4.6 billion during the year.

India's 11th five year plan targeted the addition of 12.4 GW of grid-connected renewable energy. According to Bloomberg New Energy Finance, this target will be exceeded with 14.2 GW capacity installed during the period.

The surge in installation of renewable energy is proof to the fact that the sector is becoming cost competitive and scalable, crucial at a time when the country is struggling to meet its target for conventional power capacity.

To carry this momentum forward on renewables, central and state governments will have to ensure available transmission lines for projects, capacity of the grid to handle increased flow of renewable energy, enforcement of renewable purchase obligations as well as timely payment of dues of the power project developers.

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Tags: renewable energy, Indian investments, wind power, solar power, global investments, India five year plan