Encash on emerging renewable energy market: Expert

Bangalore, Apr 20 (UNI) Industrialists should cash in on the emerging renewable energy market as India offered great prospects of profitable investment in the field like wind, mini hydro, bio energy, solar thermal, photovoltaic and geo thermal, Germany-based SunTechnics Energy Systems Director Dr Edmund Statson has said.

Speaking at a round table on renewable energy, organised by the Bangalore Chamber of Industries and Commerce here last night, he said India was unique with many locations being windy and others sunny. There was a great demand for energy and renewable energy was the only solution to supplement power production from fossil fuels.

''Renewable energy will evolve into a 300 billion Dollars market worldwide by 2015. Industries can make good profit from the trend of climate-friendly renewable energies. However, initial investment to produce renewable energy is much higher at present, but is showing a decreasing trend,'' Dr Statson said.

The cost lowering trend would continue and bring more investment from the private sector. There had been an across-the-board cost reduction when compared to costs in 1990. Solar electricity had become 68 per cent cheaper, wind energy by 60 per cent and solar thermal by 40 per cent. There had been an average reduction of 50 per cent in setting up plants to produce renewable energy, he noted.

''The vision of President A P J Abdul Kalam that India should become energy-independent by 2030 can be realised only if India trebled its power generating capacity. It will have to produce 400 Gigawatts of power in 2030, compared to the present 130 GW. Mr Kalam has said solar energy farms can contribute around 55 GW. This should be seen as a business proposition as there is profit in the field.

You can make profit out of development,'' he told industrialists.

Dr Statson said the present day's potential of renewable energy sources in the country was much higher than actual existing capacity. For instance, small hydro plants of up to 25 MW offered a potential of 45,000 MW, while only 4,400 MW was being produced.

Improved biomass chulahs (stoves) could be the other area India should look at as there was a potential to feed 120 million such stoves in the country, he added.

UNI