India’s renewable energy market is growing fast. However, not all renewable energy sources are doing that well in India. It looks like the wind isn’t blowing that hard anymore in India…
India’s wind power installations are down 39% compared to the same period last year. In the year 2010-2011 a record of 3 GW of wind power were installed. The main reason of this drop in investment is policy uncertainty. Investors and lenders are not convinced that the wind industry is viable enough without additional government support.
However, solar power is still booming in India. While solar power has not played a huge role in India’s energy mix in recent years, India is projected to become a solar powerhouse in the next few years. The Indian solar market is projected to have grown to 9,000 megawatts by 2016.
In order for wind power to become a more viable source of energy in India, the Indian government has to make some policy changes and make sure wind energy projects get some kind of tax credits. Without it investors and developers will remain wary of the whole thing.