India
's
solar program will soon likely include hybrid projects that combine the two
systems of solar photovoltaic and solar thermal, said the former chief
operating officer of Indian wind turbine maker Suzlon Energy Ltd. (532667.BY).
Sumant Sinha is now chairman of ReNew Power Ventures Pvt. Ltd., a recent
entrant in
India
's
growing and fast-becoming lucrative renewable energy industry. He says such
dual use systems will raise business opportunities for companies such as his.
India has few pure play independent power producers in the renewable energy
sector and ReNew Power is likely to compete with players such as recently
listed Orient Green Power Co., Caparo Energy Ltd., Indian Energy Ltd., Green
Infra Ltd., the Indian unit of CLP Holdings Ltd. and Mumbai-based Kiran Energy
Solar Power Pvt. Ltd.
Sinha says new renewable energy technologies, such as offshore wind, will take
longer to reach India despite a high potential for the power source, mainly due
to high costs associated with these systems.
ReNew Power Ventures will set up solar and wind energy projects and already has
framework agreements with Suzlon, Germany's Kenersys GmbH and Chennai-based
Regen Powertech Pvt Ltd. for future projects, Sinha said.
The company aims to set up projects with an internal rate of return of about
20%, higher than the usual 14% to 15% from wind energy projects, Sinha said.
"As far as equity is concerned we'll be looking at both the Indian private
equity markets and overseas markets," he added.
Sinha
declined to quantify the company's business targets.