India’s renewable energy sector, the fourth-most attractive renewable energy market in the world today, is all set to get a new player.
U.S.-based ArcVera Renewables, which specializes in consulting and technical services, has announced its entry into India’s solar, wind and hybrid energy storage market.
ArcVera has opened up an office in Bengaluru in the southern part of India. From there, it will deliver its expertise to project developers, lenders and investors — not only in India but also neighboring Southeast Asia and Pacific Rim countries.
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ArcVera joins the fray in India’s renewable energy sector
The Colorado-based ArcVera Renewables has over 40 years of global experience. The firm is now providing expert technical, financial and independent engineering services for stand-alone energy storage or hybrid projects.
Gregory S. Poulos, CEO of ArcVera Renewables, told the Indian media a combination of factors had made the company take this decision to expand. He said, on the one hand, India is a large and rapidly growing renewables market. With the entry of energy tenders and hybrid project requirements, the country presents an even more complex and competitive market.
On the other hand, a competitor departure from the Indian wind market left a vacuum that ArcVera is ideally positioned to fill, Poulos added.
What also drove ArcVera’s decision is the fact that Indian developers and investors are on the lookout for technical expertise to lower project risk and raise project value.
ArcVera’s services cover the full project life cycle. That cycle includes: finance-grade resource assessments, project design, technology assessments, financing, M&A, due diligence, construction, operations and repowering.
The company has atmospheric scientists, engineers, and data analysts.
India’s renewable energy scenario
In India, after the government had announced a renewed push, the installed renewable power generation capacity has gained momentum.
Energy demand is expected to reach 15,820 TWh by 2040. As such, renewable energy will play an important role in the years ahead.
As of early 2020, India’s installed renewable energy capacity stood at 87.26 GW. Solar and wind energy capacity stood at 34.81 GW and 37.74 GW, respectively. Biomass and small hydro power constituted 9.86 GW and 4.68 GW, respectively.
By December 2019, 15,100 megawatts (MW) of wind power projects received the green light, according to IBEF. Furthermore, projects of 12,162.50 MW capacity received backing. Power generation from renewable energy sources in India reached 127.01 billion units (BU) in fiscal year 2020.
Per the the Department for Promotion of Industry and Internal Trade, foreign direct investment inflow in the Indian non-conventional energy sector stood at U.S. $9.22 billion between April 2000 March 2020. The sector received more than U.S. $42 billion in investments since 2014.
Under the Paris climate accords, India set a target of achieving 175 gigawatt (GW) of renewable energy capacity by 2022. India also aims to bring onstream an additional 100 GW of solar capacity. In addition, India is looking to add 60 GW of wind power.
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