According to UK firm, India is emerging as one of world's largest solar power markets
India’s goal of multiplying its renewable energy output is an achievable target, an Indian-origin chief of a UK-based energy firm has said, highlighting the need to work through the country’s internal and external trade policies.
“The Indian government recently set an ambitious goal of adding 100 Gigawatt of solar capacity and 75 GW from other renewable sources by 2022 at over USD 100 billion investment. This could make India one of the largest solar power markets in the world,” Samir Brikho, CEO of Amec Foster Wheeler, said.
As with anywhere in the world, India will need to work through its internal policies and external trade policies, including its approach to support financing the projects. Improvement in power capacity will take time and the oversupply of domestic power plant equipment is expected to drive fierce competition.
“India is also one of the most cost sensitive power markets in the world, with the high cost of renewable power coal power, an ongoing challenge,” Brikho, who has just returned from a visit to Chennai and Kolkata, said.
Since entering the solar market in 2008, Amec Foster Wheeler has delivered nearly 700 MW of solar engineering, procurement and construction projects in the US. The firm also boasts the world’s largest 100 per cent fired Biomass plant in the world, the Polaniec Power Station located in Poland.
Accordin to PTI, India is the third largest power generator and carbon emitter behind China and the US, with a majority of its generation capacity coal fired which has a significant environmental and social impact. Brikho said he toured India last week to highlight the importance of the India operations to the company.
“With just 1 per cent of the required power, that’s 3 GW, currently supplied by solar and with the country expected to be the most populous in the world by 2030, there are now moves towards a reform of the energy sector. Doubling or tripling the output to 6-9 GW over the next four years is certainly a reasonable goal. India has established manufacturing centres to support the solar industry and two distinct potential solar markets, utility scale and small distributed solar units on rooftops, potentially enabling significant opportunity for the future.” he said.
A 3.5 billion pound market capitalised company which designs, delivers and maintains strategic and complex assets for energy customers around the world, Amec Foster Wheeler has close to 1,000 personnel located in India.
Image Credit : Shutterstock
Related Stories :India’s work in renewable energy sector receives International praise13 year old UAE girl invents ‘solar bag’ for trekkers. Potential market in Indian adventure tourism?Renewable energy model combines solar, bio-gas and hydrogen, plans to light up village near Shantiniketan