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Suzlon chief expects strong growth momentum for renewable energy

According to reports, on the basis of strong business indicators, sector potential and investor interest in the renewable energy space, Suzlon Group Chief Tulsi Tanti expects strong growth momentum in the coming years.

Indian wind energy sector witnessed a record installation of 5,400 MW in FY17, registering a 60 per cent growth over 3,400 MW in FY16.

With this addition, the total installation of wind moved from 27 GW to 32 GW.

“There was huge investor interest in the sector and a critical role was played by the state governments for this outstanding result. The Centre’s supported this growth with policy support through Generation Based Incentives and Accelerated Depreciation, thus enabling this historical milestone of 5,400 MW,” Tulsi Tanti said in a statement.

Expressing his perspective, he said, “We are confident that in FY18 the wind industry will deliver 6,000 MW of new capacity.”

“The Prime Minister’s target of 60 GW from wind by 2022 can be easily achieved based on momentum the sector has gained, driven primarily by the maturity of the manufacturing base, cost-competitive supply chain in India and availability of reliable products which is bringing down the cost of energy,” he observed.

Renewable energy sector has grown rapidly in the last two years. In FY15, the total investment was $ 4 billion. Subsequently, it was $ 7 billion in FY16 and $ 14 billion in FY17.

The renewable sector is now growing by 100 per cent on a YoY basis. The RE installations has grown from 36 GW in FY15 to 57 GW in FY17. This sector is witnessing unprecedented growth.

“The sector has generated more than one million jobs and I am sure the momentum will continue,” he said.

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