(ET)
Siemens Gamesa Renewable Energy, the second largest manufacturer of wind turbines in the world, expects India to add between 7,000 and 10,000 megawatt (MW) of wind energy capacity in 2021, its global chief executive said.
The optimism comes despite a slump in projects over the last two years. “The Indian market is making a strong comeback and, if China is excluded, it will be the biggest market in the world by 2021,” Markus Tacke, Siemens Gamesa’s global CEO,said on the sidelines of Wind Europe conference in Spain recently. “At present, the US is the largest volume-wise, but that may soon change. India is a key market for us.”
In early 2017, India transitioned from a feed-in tariff regime (where tariffs were set by the power regulator) to a reverse auction regime. The transition, however, took time and not enough auctions were held, leading to a fall in new projects.
