Advantage India
Robust
Demand
* In June 2021, Prime Minister Mr. Narendra Modi stated that renewable energy capacity in India increased by 250% between 2014 and 2021.
* The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Most of the demand will come from real estate and transport sectors.
Increasing
Investments
* Non-conventional energy sector received FDI inflow of US$ 12.57 billion between April 2000-June 2022.
* Rising foreign investment in the renewable sector (such as the US$ 75 billion investment from the UAE) is expected to promote further investments in the country.
Policy
Support
* In the Union Budget 2022-23, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.
* India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.
Competitive
Advantage
* Globally, India ranks fourth in renewable energy capacity and wind power and fifth in solar power capacity.
* In October 2021, India retained its third rank on the EY Renewable Energy Country Attractive Index 2021.
Tata Power Solar
Tata Power Solar Systems Ltd. is part of the Tata Group and the largest integrated solar power player in the country. It has three separate business segments – manufacturing of solar cells and modules, engineering, procurement and construction (EPC) for solar power projects and other solar products. It provides customised and specialised solutions for various sectors like, education, banking, healthcare, telecom, etc. and operates in both rural and urban areas. Tata Power has a capacity of 12.8 GW, of which 3.9 GW is currently from clean energy, and it aims to make 80% of its total power coming from clean energy by 2030. It had total income of Rs. 8,580.55 crore (US$ 1.09 billion) in FY22.
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Suzlon Energy
Suzlon is one of India’s leading renewable energy companies. Its services span the entire life of wind energy projects. It designs, develops, and manufactures wind turbine generators (WTGs). It also provides allied services, providing it a strong presence across the wind power value chain. It does business in 17 countries across six continents. Its installed wind energy capacity, largest in India, stood at 13.76 GW. Suzlon’s annual total revenue in FY23 till the third quarter stood at Rs. 6,712.58 crore (US$ 809.9 million).
Read MoreReNew Power
ReNew Power Ventures operates as an independent power producer. The company engages in the generation of non-conventional energy through solar and wind power. It sells its power to state electricity boards and large industrial companies in India. It was founded in 2011 and commenced operations in 2012 with their first project with a capacity of producing 25.20 MW from Jasdan, Gujarat. Renew Power has a capacity of more than 13.4 GW, while its commissioned capacity stands at 7.7 GW. It plans to double its portfolio of running plants and projects under implementation to 10,000 MW in five years.
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