Gamesa Corporacion Tecnologica SA (GCTAY), the Spanish wind-farm manager and turbine maker, is building new factories in India to tap growing demand for electricity in the South Asian nation where conventional fuels like coal and gas are in short supply.
Gamesa Corporacion Tecnologica SA (GCTAY), the Spanish wind-farm manager
and turbine maker, is building new factories in
India
to
tap growing demand for electricity in the South Asian nation where conventional
fuels like coal and gas are in short supply.
Gamesa Wind Turbines Pvt. Ltd. is building a factory in the southern city of
Chennai
and
two facilities in the western city of
Vadodara
to
manufacture wind-turbine parts, the Indian unit's chairman, Ramesh Kymal, told
Dow Jones Newswires on the sidelines of a news conference.
The company already has a facility in Chennai to make rotor blades.
It will spend INR2.0 billion ($37.5 million) between now and December on the
projects, Kymal said. The Indian unit has invested INR5.50 billion on its
Indian facilities so far since January 2011, he added.
He didn't say by when the new facilities will become operational.
India
is a
key emerging market for Gamesa,
Europe
's
second-largest wind-turbine manufacturer by market value after Vestas Wind
Systems A/S (VWDRY), as it is facing a slump in demand in its traditional
markets of the
U.S.
and
Western
Europe
which are hurt by an economic slowdown.
Gamesa sold 8% of its turbines in
Spain
last
year, compared with 39% three years earlier. Its largest markets now are
China
and
India
.
Production cost is higher for electricity from non-conventional sources such as
wind, compared with coal- or gas-based generation units. Coal and gas fire more
than half of
India
's
electricity-generation capacity of 200 gigawatts, but a shortage in the fuels'
local supply is forcing power producers to cut production or to buy expensive
imports, leading to hikes in power tariffs.
Companies like Gamesa hope that this situation, and the government incentives
to renewable-energy projects, will allow them to find takers for costlier wind
and solar power.
"A shortage of power and fossil fuels as well as an overall increase in
(power) tariffs will drive demand for wind energy in
India
,"
Kymal said.
The local unit's head of sales and marketing, K.V. Sajay, said it aims to
increase its turbine sales by 40% from last year to 700 units in 2012.
India
is
focusing on harnessing more energy from sources such as wind as it aims to
reduce its dependence on fossil fuel.
The country's installed renewable-energy capacity is about 24 GW and the
government aims to increase it to 50 GW by 2020.
India
is
the world's fifth-largest wind energy market. Wind-energy accounts for nearly
three-fourths of the country's total renewable-energy capacity.
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