While the world frets about what the Libyan civil war could do to oil prices, government spending in reneweable energy sources such as wind and solar power is set to create Rs 30,000-crore-worth opportunities in 2011-12 alone.
Business could grow big as technological leaps are bringing down the costs with a big change seen in the past two years alone, industry executives told HT.
"Due to a heavy fall in the prices of solar photovoltaic modules, the projects initiated are highly viable. Considering the huge demand and escalating competition, the cost of modules has fallen from Rs 300 per watt to Rs 100-120 per watt," said a senior official at state-owned Central Electronics Limited, which makes the modules.
The Ministry for New and Renewable Energy is setting its goals high.
"The projects for the generation of 800 MW solar energy are slated to generate around Rs 12,000 crore of business opportunities. Projects for wind energy (2,000 MW) will create business for around Rs 12,000 crore," MNRE secretary Deepak Gupta told HT. "Biomass and hydroelectricity projects will breed other Rs 6000 crore business in economy, next fiscal," he added.
The projects could also be job spinners with each megawatt triggering jobs for 200 people, ministry officials said.
Companies such as Moser Baer India and Indosolar are among those trying to cash in on the opportunities.
"We have created state of the art manufacturing plants and have also invested in developing appropriate systems required for Indian markets," Moser Baer spokesman Abhinav Kanchan said.
Indosolar plans to boost capacity from 160 MW to 360 MW over the next fiscal year, said S. Venkataramani, CEO.