India’s renewable energy industry is proving to be a bright spot for global oilfield equipment and service suppliers battling cutbacks in spending by oil and gas producers.
Finnish energy and marine equipment-maker Wärtsilä Corp. has decided to look for opportunities in India’s renewable energy capacity expansion programme, said Wärtsilä India Pvt. Ltd. president and managing director Kimmo Kohtamäki. Besides developing solar power and hybrid plants, which work on solar panels and internal combustion engines, Wärtsilä is interested in supplying know-how and services for balancing and stabilizing the grid, which requires massive amounts of renewable energy and is entirely dependent on vagaries of nature such as sunshine and wind availability. Grid is stabilized with other sources of energy such as natural gas-based power or hydroelectric power, the availability of which can be controlled at any time of the day. “Taking into account the targets for renewable energy capacity, for example, of having 100 giga watt (GW) of solar power capacity by 2022, we are keen to be part of the opportunity, including in grid balancing,” said Kohtamäki. India has set a target of installing 175GW of renewable energy by 2022, up from 6.7GW now, out of which, 100GW will be solar power.