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Hailing the government's move to restore accelerated depreciation in the wind energy space, turbine maker Suzlon Energy said the step will help in creating 20,000 jobs annually in the sector.
Suzlon Group chairman and managing director Tulsi Tanti said, "We welcome new government's decisions to restore accelerated depreciation (AD). This will create 20,000 new jobs annually in the wind energy space."
AD refers to calculation that allows for higher deductions towards depreciation in the early life time of an asset.
AD will act as a stimulus for the revival of Indian SME (small and medium enterprises) sector as they can set up captive power plants and hedge their power cost for 25 years. This will also ensure their global competitiveness.
Tanti said wind energy markets will register an impressive growth as the cost of energy from wind continues to move to grid parity in most markets with the help of technology.
He added that lower cost of energy, energy security and access for all along with climate change issue will drive the long term growth of wind energy and renewables.
Exuding confidence in the growth of domestic wind power market, Tanti said it is poised for rapid growth as the market size doubles from 2,000 MW in FY'14 to 4,000 MW in next 3 years.
Commenting on the company's orderbook position, Tanti said, "We currently have an order book of $7 billion globally and it is expected to grow 25 per cent in the coming year.
He said the country can easily achieve the planned target of adding 15,000 MW wind power capacity during the 12th plan period (2012-17).
Currently, the installed wind power capacity stands at 18,551 MW.
