Global pension funds buy into PM Modi's $100 bn solar push, scout for deals

Investors' focus is primarily on solar power generation, funding large-scale solar parks

Some of the world's biggest pension funds, seeking long-term returns on green investments, are scouting for deals in the country's solar power sector, where Prime Minister Narendra Modi is targeting $100 billion in investment in the next five years.

Power demand in Asia's third-largest economy is set to surge as the economy grows and more people move into the cities. India estimates peak electricity demand will more than quadruple in the next two decades to 690 gigawatts (GW), which would require rapid growth in generation and transmission capacity.

That potential, helped by cheaper solar material costs and government efforts to