Care to guess? According to Ernst & Young this Asian country is the most attractive solar market for investments.

The Renewable Energy Country Attractiveness Index (RECAI) published by Ernst & Young listed India as the most promising market for solar investment. India’s renewables sector is growing, with solar power leading the way thanks to aggressive government goals. The country wants to achieve net-zero emissions by 2070 and 500 GW of renewable energy capacity by 2030, with about 280 GW coming from solar power.

India is also focused on producing five million metric tonnes of green hydrogen by 2030. The market for renewable energy will grow as the green hydrogen sector expands. India is growing its renewable electricity at the quickest rate among the major nations, according to EY, with renewables making up about 42.5% of installed power capacity as of February 2023. In order to achieve its targets for renewable energy, India encourages the domestic production of parts like cells and modules. It has reached a cell and module manufacturing capacity of around 44 GW per year as of early 2023.

For overall renewables investment, the United States retained the top position. It included roughly 360 GW of solar electricity and 258 GW of standalone battery storage in a queuing configuration. Germany overtook China, targeting 80% renewables by 2030. With the goal of becoming a significant producer and exporter of green hydrogen, India jumped to sixth position.

Portugal, Vietnam, and Morocco—two of the largest economies in North Africa—were all ranked five spots higher in the most recent study. The wealthy Asian country of Taiwan, which has lofty offshore wind goals, rose 14 spots. Others are: Australia in 3rd place, India (4th), while the UK round off the world’s top five solar PV investment destinations. Germany, Europe’s biggest economy, fell to the sixth place. The national auctions in France were delayed by Covid, which caused France to drop to sixth place. Japan, one of the world’s G7 countries, followed in the eighth position in SPV investment countries. The top ten nations in the world for SPV investments included Spain and the Netherlands.

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