Consistent policy support to help India become a global hub in renewable energy: Industry – EQ
In Short : Industry leaders emphasize that consistent policy support is crucial for India to establish itself as a global hub for renewable energy. Stable and clear regulations, along with incentives for investment, can drive innovation and growth in the sector. By fostering a favorable environment, India can attract both domestic and international investments, enhancing its renewable energy capacity and contributing to sustainability goals.
In Detail : The government’s consistent policy support will help India to position itself as a global hub for renewable energy production, especially in the wind energy segment, the industry said on Thursday.
The country’s installed capacity stands at around 48 GW, and it has the potential to add 8 GW of capacity per annum, Suzlon Group CEO JP Chalasani said, addressing a press conference on ‘Windergy India 2024’ to be organised in Chennai later this month.
“We are in a pivotal phase for wind energy, and with consistent policy support that encourages domestic manufacturing and innovation, including measures like strengthening RLMM requirements, can position India as a global hub for renewable energy production,” Chalasani said.
When asked about bottlenecks for the industry, he said the availability of land for the execution of projects is one of them.
“India’s wind energy sector is experiencing remarkable growth, with an installed capacity of over 47 GW as of 2024. The trend towards hybrid wind-solar projects is changing the landscape.
“With the government’s goal of 140 GW of wind power by 2030 and recent investments exceeding $10 billion annually in renewable energy, this progress is critical to meeting India’s renewable energy targets and driving sustainable development,” Senvion Wind Technology CEO and Managing Director Amit Kansal said.
As the country is ready to ramp up capacities, decisive and consistent policy support and timely power purchase agreements (PPAs) are crucial in the immediate term to attract investments that will drive deployments and bring smart innovation in the sector, President of Wind Independent Power Producers Association (WIPPA) Parag Sharma said.
“Strategic collaborations, cost-reflective tariffs, and supportive market mechanisms will accelerate capacity addition, ensuring that wind energy plays a leading role in India’s renewable future,” he said.
Over 300 exhibitors from across the globe will participate in the sixth edition of Windergy India 2024, which begins on October 23 at the Chennai Trade Centre. The three-day conference will bring together industry leaders, policymakers and innovators to drive advancements in wind energy, aligning with India’s ambitious renewable energy goals.
