Gamesa plans €100 million Indian renewables investment

• 9 years ago (2014-10-29)
• Junior Isles

Renewables 757

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Spanish renewables firm Gamesa is planning to invest €100 million in India over the next five years, according to the company’s Executive Chairman.

Gamesa is looking to invest millions in the Indian wind sector, eventually expanding operations into solar energy, and sees the subcontinent as a leading export market for the company.

Gamesa is rapidly ramping up its wind production line which has seen it boost output from the 400 MW of wind turbines in 2013 to an anticipated 700 MW capacity in 2014. The firm is targeting double-digit growth in production over the next five years.

India currently has a total installed power generation capacity of 260 GW, but expects to double this over the next 15 years; partly due to renewable energy expansion.

The Indian government has set a public target of 70 GW of new renewable energy capacity over the next five years.

Of this 70 GW , 50 GW is hoped to be provided by wind energy, while 15 GW will be solar power. Gamesa is “seriously considering” making investments in the solar power sector and offshore wind to adapt to the burgeoning Indian market.

The decision by the Indian Ministry of New and Renewable Energy to set up a 100 MW offshore wind energy project, and competitor Suzlon Energy’s announcement of a possible 300 MW offshore wind energy project, has encouraged Gamesa to fast-track its offshore wind plans.