India’s unique solar and wind resources provide a robust background for Hilliard Energy’s planned cogeneration wind and solar projects.
Economic growth in India has been on the rise and is expected to continue as evidenced by the increase in investment dollars the country is currently experiencing. With over one third of India’s population having no access to electricity, its energy consumption is expected to double before it peaks in 2040, making it one of the few growth spots in emerging markets. Hilliard has strategically positioned itself in the renewable energy sector to be a front-runner in contributing to India’s growth.
Shift towards Renewables
As India’s infrastructure expands to meet future demand, the country is choosing to invest in clean energy. Renewable energy sources can power India’s future, offering a cleaner, more sustainable way to supply its growing energy needs, reducing the strain on infrastructure and increasing energy security. In just four years, India’s solar market has grown more than a hundredfold, exceeding 3 gigawatts(GW) of installed solar energy. With 250 GW of total installed energy currently and a need for much more power, scaling up solar and wind energy projects is a win-win strategy. Through this shift, India hopes to provide a 24/7 power supply to all by the year 2019. In February 2015, Prime Minister Modi announced an aggressive goal of 100 GW of solar energy and 60 GW of wind energy by 2022. This initiative will not only bring electricity to many who are in need, but it will also employ over a million people. In July 2015, Palle Raghunath Reddy, Information Technology Minister of Andhra Pradesh Government, announced his support for Hilliard Energy’s 650 MW cogeneration power project within the District of Anantapur, with costs estimated at $600 Million.
Case for Renewables
Many factors that contribute to the rise of interest in the renewable sector of India. With Prime Minister Modi leading the strong single party, he created a pro-business environment inviting larger foreign investments into the energy market. Both the central and state government policies have created renewed targets of 100 GW purchased by government and states at a higher tariff. The facilitation of over 25 solar parks (1,000 MW capacity each) by the government has created a streamlined process for developers to quickly access parcels of land for their projects as well as providing evacuation facilities through the power grid.
As an independent power provider, developer, and owner/operator, funding of the project can be a hurdle. India has again proven its desire and will to bring renewables by proving fiscal benefits. The government has adopted a policy allowing 100% accelerated depreciation, import duty waiver for capital equipment and components, and double the clean energy access on coal and lignite.
India’s unique solar and wind resources provide a robust background for Hilliard Energy’s planned cogeneration wind and solar projects . With over 330 sunny days each year and documented 80 meter wind speeds that support renewable development in India. The decline of fossil fuels over recent years has given renewable energy a strengthened foothold in the county.