According to reports, the chief operating officer of Green Infra Ltd., an Indian wind-farm developer backed by IDFC Private Equity, has left the company amid a slowdown in the industry after government incentives expired.
Sunil Jain is leaving the New Delhi-based company after four years, he said in an e-mail without providing a reason. He plans to remain in India’s renewable energy industry, he said.
Investment in Indian wind projects plunged 39 percent in the first three quarters compared with the previous year after a tax benefit and government subsidy expired on March 31, Bloomberg New Energy Finance said in a Nov. 5 statement. The world’s third-biggest wind market after China and the U.S. may struggle to install 2,000 megawatts this financial year, compared with more than 3,000 megawatts before, if the incentives aren’t restored, according to the London-based researcher.
Green Infra, which bought BP Plc (BP/)’s Indian wind-energy portfolio of 100 megawatts in 2009, has 232 megawatts of wind farms and a 10-megawatt solar plant in the country, Jain said in an August interview. IDFC Private Equity, which manages $1.3 billion in funds for Indian infrastructure investments, set up Green Infra in 2008.