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Total capital expenditure in renewables will
rise above $30 billion in the region by 2020, just overtaking
investment into exploration and production for oil and natural
gas, the consultancy said.
India, Australia, Japan, Vietnam and South Korea will be the
leading destinations for investment in Asia, according to Rystad.
The company focuses on China separately and did not include the
nation in this assessment. China is the world's biggest investor
into renewables and also one of the leading spenders in upstream
oil and gas.
Investment into renewables is being supported by government
policies such as solar and wind feed-in-tariffs across the
region.
"Importantly, most (countries) have large targets outlining the
inclusion of renewable power sources within their respective
energy mixes, with corresponding support policies," said Gero
Farruggio, Rystad's head of renewables.
Rystad said one big change in the renewable industry was the
emergence of oil and gas majors as investors.
"By 2020, it is feasible that the majors will be the dominant
renewable developers in Australia," Farruggio said, adding they
were building "building sizeable utility storage, solar and ...
offshore wind portfolios" there.
He said Malaysia's state-owned petroleum company Petronas and
Anglo-Dutch oil major Royal Dutch Shell had also "recently made
moves in the Indian ... renewables space".
(Reporting by Henning Gloystein; Editing by Joseph Radford)
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