India sets 10,000MW per year target for wind energy sector

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The government of India has set a target of increasing wind energy production, adding 10,000 MW each year, reports The Economic Times.

New and Renewable Energy Minister Piyush Goyal announced this revised proposal in a recent meeting with turbine makers and other stakeholders.

Earlier, the target was to install 18,500 MW during the 12th Plan period.

It should be either 10,000 MW or five times the value generated in the last fiscal, reported news agency quoting government officials.

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The initiative is part of a movement made by Modi government to reduce import of expensive energy resources as well as promote greener energy. Government has plans to announce tax incentives combined with conducive environment to accelerate wind energy.

Wind energy got a lift after the government reinstated key tax incentives which helped India emerge as a strong market.

Moreover, the ministry and turbine makers will jointly study the status of grid availability in six states with maximum wind velocity, the news agency stated quoting official sources.

According to Indian Wind Turbine Manufacturers Association (IWTMA), this target can be achieved as the country is capable to manufacture 9,500 MW of wind turbines which can be expanded in short period.

Higher volumes cut down the cost of installations and induce tariffs. By resolving wind power related issues, India can attain domestic investment that is getting attention from global investors also, said, Madhusudan Khemka, chairman, IWTMA, MD, Regen Powertech.

Chinese counterparts pose a threat offering cheaper finance to the investors in wind energy. Indian wind turbine makers are unable to offer such cheaper finance with access to efficient technologies and globally competitive services.

India has potential to install over one lakh mw of wind turbines, predicts Centre for Wind Energy Technology, adds the report.

In February 2015, a joint international meet will be hosted by Ministry of new and renewable energy and Indian Renewable Energy Development Agency to give motivation to the wind power sector.

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