Spanish wind turbine maker Gamesa is seeing booming sales in emerging markets, expects double-digit sales growth through 2017 and plans investments in solar and off-grid power generation in India, its chairman Ignacio Martin said.

In India, where Gamesa started activities only five to six years ago, it expects turbine sales adding up to 900 MW this year, and in Brazil, where the company had no business four years ago, it expects sales of 60 MW this year.

Fast growth in emerging markets will help Gamesa reach its target of selling 3,500-3,800 MW of capacity in 2017 from an estimated 3,100 MW this year, Ignacio Martin told Reuters.

In China, Gamesa expects to sell 450 MW this year, but sees a slowdown next year as sales this year were boosted by accelerated wind investment ahead of expected subsidy cuts.

Emerging markets accounted for nearly 70 per cent of Gamesa’s sales of 2,623 MW in 2014, with 34 per cent in Latin America, 26 per cent in India and 9 per cent in China.

The US and Europe each account for about 15 per cent, but sales growth in Gamesa’s traditional southern European strongholds has slowed following the 2008 financial crisis, which sent Gamesa looking for growth overseas.

Martin said Gamesa is now the top wind turbine vendor in India, China and Mexico and number 2 in Brazil.

Martin said besides boosting onshore wind sales in new markets, Gamesa sees huge potential in solar and off-grid generation.

“The cost of solar is falling quickly and we believe it could be an interesting market for Gamesa," Martin said.

He said the most promising solar market was India, which has year-round sun and huge power demand.

“We prefer to start with solar in India. After that, we will decide whether we move to other geographies,” he said, adding that Gamesa will only move ahead with solar if it can earn returns similar to its wind business.

Gamesa does not plan to manufacture solar panels but would focus on developing solar farms, though Martin said it will probably start manufacturing inverters, which turn solar-panel direct current into alternate current.

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