Foreign direct investment (FDI) in India’s renewable energy market reportedly grew by 9% year-on-year during the second quarter of FY 2023-24.

Mercom, citing data from India’s Ministry of Commerce and Industry, has reported that FDI figures stood at $505m in Q2 compared to $461.51m during the same quarter of the previous fiscal year.

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Among the market segments that witnessed growth were solar, pumped hydro storage and wind projects.

However, overall investment in the Indian renewable energy sector decreased by 12% during H1 FY 2024, down to $1.24bn compared to $1.41 recorded a year earlier.

There has been a greater focus on FDI for sustainable projects in recent years. According to GlobalData’s International investment trends: FDI inflows specificities and related policies report, renewable and alternative power ranked 13th among the sectors with the largest share of FDI in 2019 and sixth by 2022.

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In March 2023, Petronas said it was planning to invest in major clean energy investments in India, including hydrogen, renewable energy and electric vehicle charging points.

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Between 2019 and 2022, there were 2,606 FDI in greenfield projects, GlobalData’s FDI Projects Database data shows, 36% of which were in photovoltaic solar panels and 37% in onshore wind energy.