MNRE’s goal of 3.5 GW of new renewables in 2011-2012

India’s Ministry of New and Renewable Energy (MNRE) announced a goal of 3.4 GW of grid-tied and 130 MW of off-grid renewable energy generation to be added to India’s electricity grid during fiscal year 2011-2012, in a written statement to India’s lower house of parliament. The MNRE estimates that this amount of generation will require a capital investment of USD 6.3 billion, including USD 1.95 billion in solar, and USD 217 million in decentralized energy production. The Ministry also stated that foreign direct investment (FDI) has totaled USD 1.07 billion in this sector in the last three years and the current year, with USD 104 million invested in April through June 2011 alone. Ernst & Young has ranked India as the third best investment destination in the renewable energy sector, second only to China and the United States.