Indian Wind for $30 Billion Investment
The Indian solar energy sector will see investments worth US$ 41.73 billion by 2022. Indian wind energy sector on the other hand will see investments worth USD 30.31 billion by 2022.
Indian renewable energy sector is expected to reach 72.40 GW installed capacity by 2022 which will result in an investment of $ 81.44 billion in the Indian renewable energy sector. Wind energy and solar energy sectors are going to lead the way when it comes to renewable capacity additions, a report by NOVONOUS said.
“The Indian solar energy sector will see investments worth US$ 41.73 billion by 2022. Indian wind energy sector on the other hand will see investments worth USD 30.31 billion by 2022”, Ambarish Kumar Verma, Chief Executive Officer at NOVONOUS, said.
To achieve a target of 72,000 MW of installed capacity for renewable energy India will have to invest around US$ 46.22 billion. Almost similar investment will be made in upgrading the transmission and distribution (T&D) infrastructure and old renewable plants which will reach their end of life.
As of 31st July, 2014 India had wind energy installed capacity of 21,692.98 MW and it has planned to achieve 38,500 MW installed capacity by 2022. On the solar front the installed capacity was 2,753 MW as of 31st July 2014. India has planned to increase its solar energy installed capacity in big way and achieve 20,000 MW installed capacity by 2022.
This represents huge opportunities for local and foreign players in Indian renewable energy sector to collaborate and explore possibilities of commercial and technical partnerships. India has the world’s fifth-largest electricity generation capacity which currently stands at 243 GW. Renewable energy including large hydro constitutes for only 28.8% of overall installed capacity in India. The total renewable energy potential from various sources in India is 2,49,188 MW.