Every renewable IPP India has gone on record to state that the advent of new technology and positive investments is the only way to generate progress in the renewable energy sector. There are several solar IPP India entities who are seeking to harness new technology and seek favorable government participation and support this purpose. The Government has been doling out several incentives for the sector though many a wind IPP India will be affected by the recent Budget proposal for curbing the limit of accelerated depreciation gains to 40%. Several new technologies will help the renewable energy sector grow and several of these have been taken up as pet projects by the MNRE (Ministry of New and Renewable Energy). Some of these new technologies include battery operated vehicles, hydrogen energy, bio-fuels, geo thermal energy, ocean energy and chemical energy sources or fuel cells.
In this context, it is fit to mention that the Asian Development Bank (ADB) has invested in multiple renewable energy projects in the country. It has also partnered with the Government of India whereby a $200 million loan agreement has been signed. ADB will support lending by the IREDA (Indian Renewable Energy Development Agency) to eligible projects revolving around renewable energy in the country. ADB has also invested in creating renewable energy power grids across the country along with a slew of other projects by private renewable energy players. This has brought in more funding to help India meet its renewable energy targets and also free up necessary operational capital for major projects in the sector.
New technology will help the country tap into its abundant reserves of solar energy throughout its farm land and deserts along with almost 300-330 days round the year which are sunny and bright on an average. If new technologies are properly harnessed and implemented, the country can generate a staggering 5, 000 trillion kWh of renewable energy in the future or approximately 1, 000 GW of solar power capacity alone which itself is four times of the peak power demand in the country at present, i.e. around 250 GW. This will entail usage of just 0.5% of the total land that the country possesses. The country can also new technologies to dish out at least 200 GW of wind energy. Several global experts are billing India as the Middle East of renewable energy sources just like Saudi Arabia and other neighbors are famous for their oil reserves.
Micro-grid technologies are also required to improve distribution, bring down overall consumption costs for huge communities, scale up overall reliability and also boost capacity in the long term. Micro-grids will help reduce the huge load on existing power grids and will help distribute renewable energy better across all parts of the country. There should also be incentives like solar bonds or green infrastructure bonds which are free from tax along with access to credit at really competitive rates for companies and investors in this arena. We need cutting edge hubs for churning out CPV, PV and CSP equipment along with other technology. This is the way forward if mass production is to be a reality. Energy storage technologies are required for this sector to flourish in the long run. Companies like Welspun IPP are leaving no stone unchanged to transform the sector with Welspun wind, solar and other Welspun renewable energy divisions. The company is geared to meet the ambitious target set by the Centre for the year 2022.
About Author:
Nikhil Mehra is a leading analyst and advisor in the solar power, renewable energy and wind energy sectors. He offers strategic tips and insights on issues concerning these fields. Read more here http://welspunrenewables.blogspot.in
