India’s largest and the world’s fifth-largest wind turbine maker, Suzlon Energy, has announced plans to enter the solar power sector and install several power projects in the near future. The company will provide end-to-end solutions in the solar power sector similar to the services it currently offers in the wind energy sector.
The company’s chairman claims that no single company in the country is currently offering such services. Suzlon Energy has made a name for itself by offering a comprehensive range of services to project developers. From manufacturing of wind turbines to construction, operation, and maintenance of wind energy projects, the company takes care of every aspect.
Land acquisition, excessively competitive bidding, and other regulatory hurdles keep many companies looking to set up solar power projects from doing so. Suzlon’s entry could dramatically change this. The company’s implementation and operational process is such that in many cases project owners never even visit the project site during the entire plant life while reaping revenues from the project.
The company will acquire land, set up projects, sign purchase agreements, and then sell the projects to interested companies while keeping operational and maintenance responsibilities.
The entry into the solar power sector could not have come at a better time. The government is pushing for one of the most aggressive expansions in the solar power sector globally. India plans to add 100 GW of solar power by 2022.
The company has faced some financially troubled times when orders dried up and debt mounted. The company’s financial condition is now improving and with regulatory support the company has several ambitious plans. Suzlon plans to set up 300 MW of offshore wind energy projects in Gujarat and plans to set up three wind turbine manufacturing facilities across as many states in India.
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