A shift in India’s wind market toward bigger, more efficient projects is benefiting General Electric Co. (GE)as dominant turbine suppliers Suzlon Energy Ltd. (SUEL) and Vestas Wind Systems A/S (VWS) see cash dwindle.
“The market is opening up for new turbine makers,” said Sunil Jain, chief operating officer of Green Infra Ltd., a New Delhi-based wind-farm developer. “The growth of GE turbines in the last year is more than what they achieved in 15 years.”
Developers in India are building more productive wind farms, ditching a business model set up by Suzlon and Vestas that handed completed farms to investors seeking tax relief rather than energy. The end of the tax benefit in March favored newer developers that separate project development from turbine orders to boost power output, IDFC Private Equity Co. said.