Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Goldman Sachs-backed Firm to Invest $1.1 Billion in Indian Wind Energy Sector

 

One of the fast-emerging wind energy companies in India, ReNew Power Limited, has announced plans to invest Rs 6,000 crore (over $1.1 billion) to set up 1,000 MW of wind energy projects across the country. ReNew Power, which recently commissioned its first wind energy project with 25.2 MW of capacity, sold a majority stake to Goldman Sachs in 2011 for Rs 1,000 crore (~$20 million).

ReNew Power Limited plans to install 1,000 MW of wind projects by 2015, including about 275 MW by March 2013. The 25.2-MW project commissioned recently in Gujarat is registered under India’s Renewable Energy Certificate (REC) scheme. The project could generate significant revenue under this scheme, as the company would also be eligible to sell the Renewable Energy Certificates to the electricity generated.

Several companies have entered the Indian wind energy sector over the last few years. Wind energy technology providers as well as project developers have set ambitious plans to make huge investments and expand capacity in the country. Many international funding agencies and private investors have poured million of dollars into these prospective projects.

ReNew Power was founded by Mr Sumant Sinha, who earlier served as the chief operating officer at Suzlon Energy, one of India’s leading integrated wind energy solutions provider.

While the government withdrew a key tax incentive for the wind energy sector in April of this year, the general notion seems to be that this will have only a short-term impact on the capacity addition, as new market-based initiatives like the REC scheme have been launched. Wind energy finds favor with the investors, as it is has the largest share among India’s installed renewable energy capacity, commanding 70 percent of the share.

Image: Leaflet | Wikimedia Commons

The views presented in the above article are author’s personal views only.

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.

Comments

You May Also Like

Clean Power

One of the world’s largest mining and steel manufacturing companies — ArcelorMittal — has announced grand plans to develop renewable energy assets in India....

Clean Power

Engie crossed the 1 gigawatt of installed solar power capacity milestone in India after commissioning a 200-megawatt project. According to media reports, a subsidiary...

Clean Power

In a major boost to its aggressive plans to increase renewable energy generation, India’s largest power generation company has secured approval to set up...

Clean Transport

The Gujarat government is offering Tesla 1,000 acres of land to set up a plant in India, News18 reports. The location of the land...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.