In 2013, Rahul Munjal, chairman and MD of Hero Future Energies, part of the Hero Group, was talking to the India team of one of the largest consulting firms in the world to give them a mandate. The energy vertical of this firm, which Munjal doesn’t name, had all its leaders focussed on conventional energy. This April, Munjal was talking to the same firm again, when he learnt that their energy vertical now has more partners looking at renewable energy (RE) than thermal power.
“This is the kind of paradigm shift that has taken place in India’s energy sector,” says Munjal. “Renewables are now the preferred source of power in India, not just due to issues of morality and ethics, but because it is economically viable.” FY2016-17 has seen the addition of a record amount—more than 11 GW (1 GW equals 1,000 MW)—of RE capacity, mostly in the solar (5,526 MW) and wind power (5,400 MW) sectors; it has, for the first time, caught up with thermal power capacity added during the same period.
This is a long way from a decade ago when RE technology was expensive and tariffs high—Rs17 per kWh (kilowatt hour), compared to Rs3-4 for thermal power. “There was criticism that RE wasn’t a business to be done and there was doubt about whether India will even reach the earlier RE target of 20 GW that it had set for itself,” says Inderpreet Wadhwa, CEO of Azure Power, an India-focussed clean energy firm. Read More…
Credit By: Forbes India
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