Bullish on the changed economic and regulatory environment, the Indian Wind Turbine Manufacturers Association expects a 52% jump in capacity addition this year.
The association expects that 3.5 GW worth of wind energy capacity will be added in the 12 months between April 2015 and March 2016. If the capacity addition surpasses 3.2 GW it would be a new record. India added saw the highest wind energy capacity addition in FY 2011-12. The annual capacity declined when the incentive of accelerated depreciation was withdrawn.
Stakeholders are bullish about the Indian wind energy sector as the government has announced an impressive target of having 60 GW installed wind energy capacity by 2022.
The government has also pledged continuation of critical incentives for the wind energy sector, such as accelerated depreciation and generation-based incentive. The government is also planning to launch the National Wind Energy Mission which would accelerate the development of wind energy projects and open the offshore wind energy sector as well. Additionally, the government is also looking to make power utilities in various states meet the renewable energy purchase obligation.
These initiatives by the government have already started to reap results. Indian and international project developers have pledged to add over 47 GW of new wind energy capacity by 2022. The Indian government has set a target to install 60 GW worth of wind energy capacity by 2022. This means that around 37 GW capacity would have to be added by March-end 2022.
Indian wind energy companies have received significant foreign investment, the acquisition of Continuum Wind Energy by SunEdison being the most recent. Wind energy solutions provider Inox Wind was listed at the Indian bourses through a highly successful initial public offering.
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