Renewable energy has entered an exciting new phase and its growth is unstoppable. Once considered a niche industry dependent on government subsidies, today it is driven largely by economic realities, improved reliability and cost competitiveness backed by proven technology. Another advantage of renewables is that it is modular in nature and is scalable. We are confident that the evolving technology and economic viability of energy storage solutions, will give further impetus to renewables.
2017 was a watershed year for the renewable energy industry in India with significant policy reforms such as competitive bidding in wind, record low wind and solar tariffs and GST roll-out. In addition to this, technological advancement and increased competition are steering new possibilities for clean energy.
In India, investors are bullish and excited to be part of the renewable growth story. While the wind industry’s transition to the bidding regime created short-term challenges in 2017, it has laid the foundation for sustainable and inclusive sector growth. Wind industry is poised to grow to about 8 to 10 GW annually, with 5 to 6 GW annual bidding from the central government level, 3 to 4 GW capacity auctions from the nine windy states and 1 GW capacity expected from the PSU and captive markets. This will pave the way to unlock 300 GW wind energy potential in India and harness the latent potential of non-windy states.
Technology and innovation will remain the catalyst that will drive renewable energy growth. Digitalization of services, innovation in tower and blade technologies aimed towards making unviable wind sites viable, ensuring better yield and increasing turbine utilization will be the key focus areas. The industry will collaborate further to improve the supply chain, enable grid integration and leverage digital technologies.
Suzlon is well-equipped to capitalize on the inevitable growth of renewables, both in the domestic and international markets. Our growth strategy is based on strengthening our leadership position in India and expanding our global footprint, with focus on select profitable markets.
Our key priorities are:
Earlier this year, the International Monetary Fund (IMF) in its annual economic report predicted India’s GDP growth at 7.4% and China’s at 6.8% in FY 2019.
The scaling up of Renewable energy is imperative to the success and growth of the ‘Make in India’ initiative. With government’s thrust, the country is experiencing positive winds of change in the Energy sector particularly in Renewables.
The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development.