Boost for wind energy in India

The Finance Minister of the Government of India, Chidambaram Palaniappan, while announcing the annual budget for the financial year 2013-14, has proposed sops for the wind energy sector by reintroducing a Generation Based Incentive (GBI). A sum of INR 8 billion (about € 115 million) is to be provided to the Ministry of New Renewable Energy (MNRE). It may be recalled that the GBI was withdrawn in April 2012 and had a cascading effect on wind energy business bringing down installations from 3,200 MW added from April 2011 to March 20121 to 1,200 MW for the period April 2012 to January 2013. The interest rate of the incentive, however, is not known yet. Nevertheless, this decision is hailed by the wind energy manufacturers.

Another announcement that brought cheer to companies producing green technologies was to provide low interest loans for all kinds of renewable energy projects through the Indian Renewable Energy Development Agency (IREDA). Currently capital costs for renewables are high on the Indian market. The life span of this scheme would be 5 years. Payback time of loans will be intimated by IREDA at a later date. The desired fund would be managed by the National Energy Fund.

Finally the Indian Railways will invest in about 75 MW of wind energy projects to meet its electrical loads for signalling and other activities. This is the first support of its kind in the history of Indian Railways.

 

Jaideep Malaviya

 

 

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