Gamesa enters the Indian Solar Market

Gamesa is looking to aggressively enter the Indian solar energy market, as the country is set to become the fastest growing market in the world. The Indian government is set to come out with tenders for 15000 MW of solar power this year and is choosing on financing from different domestic and international sources for boosting solar energy in the country. Some large renewable energy developers like SunEdison, Abengoas etc. have already made big plans to set up massive capacities in India. Gamesa is not looking at the solar development space, rather it is looking at ramping capacity through EPC. The company has set up a 10 MW solar plant in Tamil Nadu for a clutch of textile companies, who will sell the power to the state government at Rs 7.01/kWh or ~11c/kWh. Gamesa is also looking to set up solar panel / inverter manufacturing capacity in India.

Gamesa like other major wind turbine companies is facing saturation in the wind energy market, while the solar market continue to show double digit growth. In 2015, solar energy should eclipse the wind energy in capacity additions, with 55 GW of solar plant capacity additions being expected. It is imperative for Gamesa and other players like Suzlon to look at solar energy to keep up their growth rates. Suzlon has also firmed up plans to massively increase its solar development and EPC plans. These companies hope to utilize their skills at RE development and land acquisition. They also have experience in project financing for large capacity power plants.

Gamesa has been a successful wind energy equipment supplier and contractor for wind farms in India. While wind energy is also getting a boost by the Modi government, solar energy is where the main action is and Gamesa is ramping up to take advantage.