Solar power cos cheer green initiatives

Malvika Chandan
Posted: Thursday, Nov 06, 2008 at 2326 hrs IST
Updated: Thursday, Nov 06, 2008 at 2326 hrs IST

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New Delhi, Nov 5 : Obama’s encouragement to build alternate energy sources coupled with the eight-year extension of tax incentives for solar power projects, which was part of the $700 Billion bail out passed by US Congress are good reasons for solar power companies in India to feel optimistic.

The tax breaks announced by Congress will encourage private investment from photovoltaic companies such as Moser Baer which have planned investments to the tune of US $3.6 Billion in research, development and manufacturing of products dedicated to generating solar power.

Other players who will benefit are Tata BP Solar and Reliance Industries Ltd. which announced last year its intention to set up a solar plant in West Bengal.

According to industry experts the demand for solar photovoltaic is surging and has grown from $4 Billion in 2003 to $22 Billion in 2008 and is expected to experience robust growth through 2010-40% CAGR which translates into a $50 to $70 billion market by 2010.

Obama through his presidential campaign has spoken out for policies in favour of solar power projects and even suggested revitalizing the automotive industry by including in the manufacturing outlets instruments for alternate energy sources such as solar panels and wind turbines.”

Ratul Puri, executive director of MoserBaer which founded its Photovoltaic business last year responded to Obama’s victory positively saying, “Players in this industry in India will definitely feel the boost to invest and do business with US solar companies after Obama’s win”.

“Photovoltaic technology will help reduce solar electricity costs to match conventional energy price points thus making solar energy a more viable option,” Puri adds.

Germany which is currently the world leader in solar power currently comprises half the market for solar photovoltaic but pro solar policies such as the ones recently passed will make the US a significant market for solar photovoltaic.

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