December 17, 2009
Suzlon welcomes Generation Based Incentives as a boost for renewable energy in India
Copenhagen/Pune: Suzlon Energy Ltd. today welcomed the Governments announcement
of Generation-Based Incentives (GBI) for the renewable energy sector, hailing it as a first
step in realizing Prime Minister Manmohan Singhs vision as laid out in the National Action
Plan on Climate Change (NAPCC).
Breaking off from key discussions at the COP15 summit in Copenhagen, Mr Tulsi Tanti,
Chairman and Managing Director of Suzlon Energy said: "We congratulate our
countrys leaders on their commitment to combating climate change, and on working to
make the vision of India fueled by renewable energy a reality. Indeed, we applaud
specifically Dr Farook Abdullah, the Minister for New and Renewable Energy; without his
perseverance and persistence it would not have happened.
The GBI program is a significant push by the Government of India to take unilateral and
voluntary action to support the growth of renewable energy technologies in the country,
creating an attractive investment market for large Independent Power Producers and
Foreign Direct Investors, which will facilitate large sized projects of 50 MW and above. It is
an extremely positive step for the industry in India, and in the fight against climate change.
This announcement sends a signal to all nations demonstrating India's commitment to a
truly sustainable future."
The incentive offered is an option for investors who cannot avail the benefit of accelerated
depreciation, thereby creating the much needed level playing field for stand alone IPPs and
FDI investments in the wind energy sector.