KOCHI: The Global Wind Energy Outlook 2014 by Greenpeace states that with the reintroduction of the original Accelerated Depreciation benefit in September 2014 (retroactive to April 1, 2014), the Indian wind energy market is set to see strong installation numbers starting in 2015.
The report said that with the new policy, India can produce 25,121 MW of power from wind in 2015 and it will go up to 47,896 MW by 2020. It also estimates that, if some advancements in policies of the government happen, India has the capacity to produce 55,872 MW wind power in six years. The prospects of wind energy also brighten with the extension of generation-based incentive till March 31, 2017.
India’s wind energy installations by July 2014 was 21,693 MW out of the total renewables capacity of 32,424 MW (excluding large hydro).
While commenting on the report, K V Iyer, Secretary, Renewable Energy Association said that with the re-introduction of the incentive scheme, if a person invests Rs 1 crore for the installation of wind mills he can now save Rs 24 lakh as he will be exempted from tax.