Yet another Chinese company has announced huge investment plans in India’s renewable energy sector.
China-based construction equipment manufacturer, Sany Group, has announced plans to invest $3 billion in developing renewable energy assets in India after meeting with the country’s Prime Minister, Narendra Modi.
Sany Group will develop 2 GW of renewable energy capacity over the next five years in the states of Maharashtra and Andhra Pradesh, both of which boast ambitious renewable energy addition capacity targets and favourable policies for project development.
This capacity will generate 4.8 TWh of electricity and offset 3.6 million tonnes of carbon dioxide emissions every year, and Sany Group has also expressed interest in India’s offshore wind energy sector which is set to take off early next year.
Sany Group joins a long list of Chinese companies eager to invest in the Indian renewable energy market.
This year, several Chinese companies have announced partnerships with Indian companies. In July, Zhenfa New Energy Science and Technology signed an agreement with Rolta Power to set up 2 GW of solar power projects by 2020, with a total investment of $2.03 billion. JA Solar entered an agreement with Essel Group to set up 1 GW manufacturing facility for solar cells and modules, while Hareon Solar announced partnership with ReNew Power to invest in and supply solar modules.
Chinese companies already have a huge presence in the Indian solar power market. According to the Ministry of New and Renewable Energy, India imported 161.5 million solar panels in financial year 2014–15. Of these, 113.5 million panels, or 70%, were imported from China. This marked a significant increase from the 65% share of Chinese modules in financial year 2013–14. Of the total 154.1 million panels imported that year, 100.4 million came from China.