Meeting India's renewable energy targets: the financing challenge

In this report, Climate Policy Initiative (CPI) analyzes the challenges for designing national policy that will attract the investment needed to spur rapid growth in wind and solar energy at a reasonable cost. CPI has conducted detailed financial modeling of actual Indian renewable projects; numerous interviews with developers, financiers, and policy makers; and examined, in depth, the idiosyncrasies of Indian financial markets. This report describes and analyzes the impact of national and state policies on various classes of renewable energy investors, as well as the overall relative costs or benefits of policies on the final cost of renewable energy projects. Focus particularly on the cost and availability of equity and debt, respectively, and the consequent implications for Indian renewable and financial policy.