Hyderabad: Renewable energy has entered a new phase. 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.
Tulsi Tanti, chairman and managing director, Suzlon Energy, said, “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 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, he opines.
Technology and innovation will remain the catalyst that will drive renewable energy growth. Digitalisation 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.
He added, “Suzlon is well-equipped to capitalise on the inevitable growth of renewables, both in the domestic and international markets. Our key priorities are leverage innovation and technology to bring down LCOE, further strengthen our capital structure and remain cost competitive, by leveraging India as the manufacturing hub, to increase market share.”