Published on October 27th, 2014 | by Mridul Chadha0
Gamesa To Invest €100 Million In India Over Next Five Years, Eyes Solar Power Projects
October 27th, 2014 by Mridul Chadha
India’s changing renewable energy scenario is attracting investment from some leading companies across the world. Gamesa, one of the leading wind energy companies is also looking to invest millions in the wind energy sector and eventually expand operations into solar energy as well.
Gamesa’s Executive Chairman recently told Indian journalists that the company will invest €100 million in India over the next five years, making it one of the leading export markets for the company. With the presence of favorable market conditions, the company hopes to ship 650 MW of wind turbines this year.
The company is rapidly adding to its manufacturing capabilities with consistent increase in the use of domestic equipment. In 2013 the company manufactured 400 MW of wind turbines and expects to produce about 700 MW capacity this year. It is targeting double-digit growth in production over the next five years.
India has an installed power generation capacity of 260 GW which is expected to double over the next 15 years. A significant portion of this capacity is expected to be based in renewable energy technology, Gamesa believes. The Indian government has set a target to add about 70 GW of renewable energy capacity over the next five years.
Gamesa is taking several measures to respond to the changing Indian wind energy sector. The Indian government plans to expand wind energy technology to regions considered to be lacking in wind power resources. The company will introduce wind turbines with large blades to tap lower wind power resources.
Following the decision by the Ministry of New and Renewable Energy to set up 100 MW offshore wind energy project and competitor Suzlon Energy’s announcement of a possible 300 MW offshore wind energy project, Gamesa is also planning to introduce offshore wind turbines in India.
Of the 70 GW capacity likely to be added over the next five years, 50 GW could be in the form of wind energy while 15 GW could be in the form of solar power. The company is “seriously considering” making investments in the solar power sector as well.
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