Siemens Gamesa Renewable Energy, the second-largest wind turbine maker in the world, will stay away from bidding for Indian wind power projects owing to changes in regulatory policy.
The company, however, is looking at a strong engineering procurement and construction (EPC) market in the country as the demand for cost-efficient wind turbine generators grows.
Talking to Business Standard, Markus Tacke, Siemens Gamesa Renewable Energy chief executive officer (CEO), said changes in the regulatory regime in India had a considerable impact on the global business of the company.
“India is a key market which accounted for 30 per cent of company’s revenue (Mw equivalent) till last year. As there was a freeze in the Indian market after bidding was introduced, our profits fell here,” said Tacke.
The company, in its results for the quarter ended June 2017, said its revenues were down 7 per cent to €2,693 million owing to a “temporary downturn in the Indian market”. Read More