Singapore, UK, Mauritius top three FDI sources in domestic solar industry: Minister

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Singapore, the UK and Mauritius are the top three contributors to the total investments of USD 3,860 crore attracted by the domestic solar industry in over three years, Parliament was informed on Thursday.

While the Foreign Direct Investment (FDI) from Singapore was at USD 780.781 million, the investments from the United Kingdom (UK) and Mauritius stood at USD 778.271 million and USD 632.523 million, respectively, Minister for New and Renewable Energy (MNRE) R K Singh said in a reply to Lok Sabha.

The remaining FDI came in from countries like the UAE (USD 543.235 million), Netherland (USD 256.197 million), Japan (USD 200.759 million), and Norway (USD 196.656 million) among others, according to the data shared by the minister. The countries that invested less than a million in India through FDI route included Seychelles (USD 0.075 million) Bermuda (USD 0.202 million), Germany (0.777 million), and Sweden (USD 0.478 million) among others.

The data showed FDI worth USD 3,860 crore received in the solar energy sector during last three financial years and till September 30 of the current financial year. In a separate reply, the minister said the solar power installed capacity in the country has increased from 2.82 GW as on March 31, 2014 to 73.32 GW as on December 31, 2023.