One of the initiatives taken is 10-year tax exemption for solar energy projects to achieve India’s ambitious renewable energy targets of adding 175 GW of renewable energy, including addition of 100 GW of solar power, by the year 2022.
The government has also sought to restart the stalled hydro power projects and increase the wind energy production target to 60 GW by 2022 from the current 20 GW.
As a result, a gamut of renewable energy companies has sprung up in India, concentrating on mainly solar energy.
While most of the companies are performing roles in Engineering, Procurement and Construction (EPC) with capital investment from the consumer under a model, popularly known as Capex model, a new breed of renewable energy companies has taken the power sector by storm. The renewable energy developers who work on Build, Own, Operate and Transfer (BOOT) model or Opex model, provide cheap green energy to consumers with no upfront investment. The consumer simply pays the monthly energy bills on per unit basis as is the case with conventional energy from Distribution Companies (DisComs).
One of the pioneers under this model is Amplus Energy Solutions Private Limited. Headquartered at Gurgaon, this renewable energy company has rocketed its way to the top of pyramid in the distributed solar energy space.
Catering to clients like Walmart, Dominos (Jubilant Foods), Standard Chartered Bank, Hindustan Aeronautics Limited, Amplus Energy has taken the renewable power sector by storm and is slowly penetrating into other verticals of renewable energy. Renewable Energy Companies are here to stay and solve the most pertinent needs of an average Indian viz. 24X7 power supply.
With government support and international investments, these renewable energy companies surely can achieve the vision of energy security and hence, play a pivotal role in the transition of the country from a developing to a developed nation.
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