According to Bloomberg New Energy Finance, India has invested over $7.2 billion, in just the first three quarters of 2011 alone, to a renewable energy project, much more than the 2010 investment of $5.7 billion. India’s renewable markets are aiming towards clean technologies, such as solar power and wind energy. In fact, $3.7 billion of the investment went to wind energy. Binded by a contract with Azure Power, solar-generated electricity will be provided to a state-government electric utility. The use of solar power will reduce India’s dependence on coal-fired power plants. Although India has used just about 140 megawatts of solar power through the installation of solar panels in the northwestern plains, the country plans to reach a goal of 20,000 megawatts by the year 2020.
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