Based on business indicators, the Central and State governments support, sector potential and investor interest in the renewable energy space, Suzlon Group chief Tulsi Tanti expects strong growth momentum in the coming years.
Indian wind energy sector witnessed a record installation of 5,400 MW in FY17, registering a 60 per cent growth over 3,400 MW in FY16. With this addition, the total installation of wind power capacity moved up from 27 GW to 32 GW.
Investor interest“There was huge investor interest in the sector and a critical role was played by the state governments for this outstanding result. The Centre supported this growth with policy support through Generation-Based Incentives and Accelerated Depreciation, thus enabling this historical milestone of 5,400 MW,” Tulsi Tanti said in a statement. “We are confident that in FY18, the wind industry will deliver 6,000 MW of new capacity,” he said.
Target within reach“The Prime Minister’s target of 60 GW from wind by 2022 can be easily achieved based on the momentum the sector has gained, driven primarily by the maturity of the manufacturing base, cost-competitive supply chain in India and availability of reliable products which is bringing down the cost of energy,” he observed.Renewable energy sector has grown rapidly in the last two years. In FY15, the total investment was $4 billion. Subsequently, it rose to $7 billion in FY16 and $14 billion in FY17.