If there is any one sector in India that has grabbed maximum headlines in 2022, it is the renewables sector. The amount of investments the sector is able to attract has surprised most of the market participants. Along with the renewables sector we can see capex happening in the railways and defence sectors too. Also, ground realities indicate that the capex in private sector is in alignment with the PSU spending. The government direction (policy initiatives) and expansionary policies (government spending) are guiding capex expenditure in India.
There is no doubt that the Indian government is serious about clean energy and various initiatives taken by the Narendra Modi-led government are leading toward early adoption of clean energy at various levels in the private sector, government sector and in public life in general. The government’s leadership and policy initiatives have kickstarted a trend that may grow into a megatrend in the coming years. We have seen several corporate groups commit to green energy initiatives. Be it Mukesh Ambani’s Reliance group, Tata Group, Adani Group or the Vedanta Group, each one of them has promised heavy commitment towards green energy in the coming years.
Gautam Adani has recently announced a plan to build three giga factories in India, extending from polysilicon to solar modules to make wind turbines and hydrogen electrolysers while Vedanta Group has announced that Serentica Renewables will install 1,500 MW of hybrid wind and solar capacity in three states in India. A large part of this capacity will be used to deliver close to 600 MW of round-the-clock clean energy to various entities of the Vedanta Group. In short, leading corporates are chipping in for renewables and this goes to show that there are huge tailwinds for the sector.
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