New Delhi: Mergers and acquisitions were the emerging trends in the renewable energy sector last year with the Asia-Pacific region, including India, accounting for 12 percent of the total value of $33.4 billion, says global consultancy firm PwC.

The overall transaction value is much less than the $48.8 billion seen in 2009, even though the count of deals rose to 530 last year from 319 in 2009.

In the Asia-Pacific region alone, there were deals to the tune of $3.56 billion in the renewable energy sector last year, with Chinese deals alone worth $2.13 billion.

According to PwC, India stood third in terms of total deal value in the renewable energy sector in the Asia-Pacific. India witnessed deals worth $388 million, after China ($2.13 billion) and Australia ($684 million).

Indian deals accounted for just 11 percent of the total value in the Asia-Pacific. Other nations covered in the region are Indonesia, Japan, Philippines, Singapore, South Korea, Taiwan and Vietnam.

"In the Indian context, policymakers and regulators need to appreciate that their support to renewable energy through procurement obligations and feed-in tariffs is not necessarily an expensive source of power for state utilities," PwC India Leader (Energy, Utilities, and Mining) Kameswara Rao said.

Rather, renewable energy can provide protection against fuel inflation and enhance security of supply over the longer term, Rao added.

PTI