POWER May 2014 - 56

Renewables
2. Headwinds. These wind turbines, owned by CLP India Pvt. Ltd., are located in Jaisalmer,
in Rajasthan, as part of a 76-MW wind installation. Courtesy: CLP India Pvt. Ltd.
now claim only the standard 15%. Heeding
the resentment, the GBI was reintroduced a
year ago, but AD, which had driven 70% of
the wind installations, has not yet been reinstated,
though MNRE has been persuading
the Finance Ministry to do so.
Mahesh Makhija, director of business dewere
also eligible for GBI. GBI is over and
above the tariff approved by respective state
electricity regulatory commissions (SERCs)
and disbursed on a half-yearly basis through
the Indian Renewable Energy Development
Agency (IREDA).
The AD benefit, intended to promote wind
capacity additions during the initial growth
phase, and which is still available for solar
power producers, had enabled wind farms to
claim 80% depreciation of equipment cost in
the first year. Following its repeal, they can
velopment (renewables) at CLP India Pvt. Ltd.
(Figure 2), the wholly owned subsidiary of
Hong Kong-based CLP Holdings, says AD,
alongside the turnkey development model,
had attracted many high-net-worth investors
not directly in the business of electricity
generation, but who contributed to the initial
growth of the wind industry. They, however,
dropped out after AD was withdrawn, and it
was expected that IPPs would move in instead.
But prolonged indecision on the continuation
of the GBI deterred IPPs too. Makhija says
these drawbacks retarded capacity additions,
with several under construction and planned
wind projects coming to a near standstill as
their developers had factored the GBI in when
finalizing their projects.
Amit Kumar, executive director for EnLet
it rain, sleet, snow...
Because the weather doesn't
care about schedules,
inspectors or budgets.
DuraSquirter
DuraSquirter
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56
www.powermag.com
POWER | May 2014
ergy & Utilities, PricewaterhouseCoopers
Pvt. Ltd. (PwC), based in Gurgaon, near New
Delhi, says the high-net-worth beneficiaries
of the AD scheme had been manufacturers of
textiles, cement, steel, and automobiles who
used RE as captive power for their power-intensive
industries. They enjoyed the benefits
on their host business and were less concerned
about improving power generation
and plant load factor (PLF).
A few other companies invested in wind
turbines to avail AD benefits to minimize their
income tax liabilities, and these included small
investors with ownership of one or two wind
turbine generator installations. " Projects were
set up in areas of low wind density and this
resulted in low generation, " he points out. " In
short, the focus was more on earning profits
and less on improving generation. "
A New Era?
Kumar adds that there is a discernible shift
from tax benefit-based investment to the
IPP-based model for wind power that will
represent the next generation growth phase
for the sector. IPPs are keen now to invest in
this matured market that also has access to
proven technology and skill sets. They thus
have much less riskier investment options
and are now increasingly developing wind
farms, each of an installed capacity of 50
MW and above. IPPs also have a choice of
revenue models, including options with multiple
revenue streams. They can be assured
impressive returns on investments with the
right kind of strategy and revenue model.
Ashwin Gambhir, senior research associate
at Pune-based Prayas energy consultancy, also
http://www.appliedbolting.com http://www.powermag.com

POWER May 2014

Table of Contents for the Digital Edition of POWER May 2014

Contents
POWER May 2014 - Cover1
POWER May 2014 - Cover2
POWER May 2014 - Contents
POWER May 2014 - 2
POWER May 2014 - 3
POWER May 2014 - 4
POWER May 2014 - 5
POWER May 2014 - 6
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