According to EY report, India is placed at third position after the United States and china in ‘Renewable Energy Country Attractiveness Index’.

“This is primarily due to strong focus of the Indian government on renewable energy coupled with the actual timely implementation of renewable energy projects,” EY said in a statement.

The top three countries featured are the US, China, and India in the index with size and scale of renewable activity. India and China just a decade ago are attractive enough to complete with more developed markets for renewable energy investment. Other positions are occupied by Chile, Brazil and Mexico in top ten while Germany and France are least ranking.

“The so-called ’emerging’ markets now represent half of the countries in the 40-strong index, including four African markets featuring in the top 30,” it said.

“The report also demonstrates that low solar bids (which appear unviable) are not a phenomenon that is restricted to India, but other countries such as Mexico, Dubai etc have also been reporting very low solar bids,” Kuljit Singh, Partner, Infrastructure practice, EY said.

“As is the case with India, the wind continues to be at a pricing premium to solar in rest of the world but both these technologies are racing towards grid parity which may lead to not so desirable consequences for traditional utility business models,” Singh said.