December 19, 2009
The Government of India has announced a scheme for Generation Based Incentives or GBI of 50 paise per unit of wind power fed by independent power producers into the grid. The GBI is aimed at attracting investment in the wind energy sector and increasing the quantum of grid-interactive renewable power.
Inaugurating a seminar in New Delhi Thursday, Minister for New and Renewable Energy Farooq Abdullah said condition in India was favorable for an accelerated growth in renewable energy, particularly wind energy sector with favorable conditions in terms of potential, technical support facilities, policy framework and regulatory environment, robust manufacturing base and investors confidence.
The incentive has been capped at Rs.62 lakh per MW and the total yearly disbursement will not exceed Rs.5.5 lakh per MW for the first four years.
The sops will continue till the end of the current Plan period (2007-12). It will be provided to companies through the Indian Renewable Energy Development Agency (IREDA), the financial development agency for the renewable energy sector. The incentive, however, will be limited to wind power generation plants with a maximum installed capacity of 4,000 MW.
The GBI will be over and above the tariff fixed by the State Electricity Regulatory Commissions for purchase of power from wind power projects. Accelerated depreciation benefit would run simultaneously until the end of the 11th Plan period or introduction of proposed Direct Tax Code, whichever is earlier, in a mutually exclusive manner. The benefit would also be available for captive wind power projects but not for third party sale.
Wind energy has been the fastest growing renewable energy source in India. A cumulative capacity of around 11,000 MW has been set up so far and a target of 10,500 MW fixed for 11th Plan.
Wind energy accounts for over 70% of the total 15,540 MW of installed renewable energy generation capacity in India. The country is likely to spend over Rs.100,000 crore in setting up renewable energy generation capacity by the end of the current Plan period, according to IREDA Chairman Debashish Majumdar.
With the availability of better and efficient wind turbines suitable for India's moderate wind regimes and increased infrastructure for power evacuation, the country's wind power potential, presently estimated to be over 45,000 MW, could go up, Abdullah said.
(Source: RTTNews)
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