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After two years, Danish wind major Vestas returns to India

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According to reports, in September 2012, Danish wind power major Vestas decided to “scale down sales effort in the Indian market”, which practically meant it was closing shop in the country. Almost two years later, it is all set to return, headed by a new Managing Director, Jorn Hammer, who previously steered the company’s Australian operations. The new Vestsa India is also keen on recruiting – it wants to hire a Head of Construction, Head of Public Affairs and a ... Read More »

Tax-saving benefit given to wind industry may hurt solar sector

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According to reports, the restoration of the tax-saving ‘accelerated depreciation’ benefit for the wind industry comes at a time when profit-making enterprises are being coaxed to put up solar projects to save on taxes. (The ‘AD benefit’ allows a company to write down 80 per cent of the cost of the machinery as depreciation, thus lowering profits on which tax is calculated.) In States such as Tamil Nadu a number of “AD customers” have cropped up for the solar industry. ... Read More »

India’s Suzlon Energy rallies on restoration of depreciation rules

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According to reports, shares in Indian wind turbine maker Suzlon Energy Ltd surged nearly 5 percent, its daily limit, on Monday following the government’s move to re-introduce the accelerated depreciation scheme for the wind energy sector. The gains add to Suzlon’s 3.6 percent gain in the previous session. Finance Minister Arun Jaitley said on late Friday that the government would amend the Finance Bill in this regard. Accelerated depreciation allows companies to claim a bigger deduction during the initial years ... Read More »

India Seen Adding Wind Capacity After Tax Credit Revived

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According to reports, India may add an additional 1,000 megawatts of wind energy a year after the government revived a tax incentive. Small manufacturers dependent on diesel power will now find it viable to invest in wind projects with 2 megawatts to 3 megawatts of capacity, said Madhusudan Khemka, chairman of Indian Wind Turbine Manufacturers Association. Without the credit, some wind projects that depend on accelerated depreciation were not viable, Khemka said in a phone interview from Chennai. “This gives ... Read More »

Wind power capacity set to rise after FM’s incentive

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According to reports, in a move that will boost the wind power market in India, finance minister Arun Jaitley has said that the Accelerated Depreciation Scheme would be restored for the wind industry. Under the scheme, companies which put up windmills can write off 80% of the project costs as depreciation in the first year of putting up the windmill, and thus save taxes. The scheme launched in the 1990s was withdrawn in 2012, leading to a major fall in ... Read More »

Restoration of accelerated depreciation set to create more wind capacity

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According to reports, it is champagne time for the wind industry and thanks to the Finance Minister. The restoration of the long-awaited ‘accelerated depreciation’ is just a formality away. The government will move an amendment to the Finance Bill to bring back the tax-saving benefit and the measure will come into force as soon as the Bill is passed by the Parliament, i.e., before July 31. Profit-making companies will now have an option of putting up wind power turbines and ... Read More »

Accelerated Depreciation scheme for wind energy restored

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According to reports, acceding to demands from wind power generators, the government Friday announced it was reinstating the accelerated depreciation (AD) scheme which was withdrawn two years ago. “This is being done because of the many requests from the wind energy sector, number of concessions for which development have been made in this budget,” Finance Minister Arun Jaitley said in parliament replying to the debate on the Budget for 2014-15. “Necessary amendment will be made to the Finance Bill,” Jaitley ... Read More »

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