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BENGALURU, India — A clean technology special interest group has been formed here to encourage entrepreneurs in India and create an ecosystem of scientists, engineers, investors and social entrepreneurs.
The group is intended to create a platform for networking and exchanging information while encouraging entrepreneurs to help boost innovation in renewable energy.
In 2007, venture capitalists invested about $3 billion in clean technology ventures, a 43 percent increase over the previous year. Of that total, 10 percent was in clean tech startups. "In India, where fuel prices are going up every year by eight to nine percent, this represents an opportunity to innovate and create profitable businesses in renewable energy," said Ashok Das, one of the SIG members spearheading the clean tech effort.
Today, renewable energy in India is a $600 million market growing at the rate of 15 percent a year. India ranks fifth in the world in renewable energy capacity. The renewable energy target here for 2030 is 200 gigawatts, up from the current 8 gigawatts. That goal will require an estimated $200 billion capital investment.
To sustain 8 percent GDP growth, India must generate 500 megawatts of power weekly over the next 25 years. Planners have determined that the goal cannot be reached through the conventional sources of coal and natural gas plants.
India currently consumes about 2.66 million barrels of oil a day, almost all of it imported. Analysts expect energy demand to double by 2030. Hence, energy generation is a priority, with several companies looking at developing alternate sources of energy. Among the plans are establishing manufacturing plants for solar, wind or biofuel equipment equipment.
Says Suneel Parasnis, country director, New Ventures India: "The magnitude of investment needed in the energy sector of developing economies is $9.6 trillion while renewable energy investments by 2030 would touch $1 trillion."
"Large companies in India are just not able to capitalize on this," Parasnis said. "For instance, India is the largest producer of milk in the world but 50 percent of it has to be dumped in the drains because of lack of electricity and cooling infrastructure."
According to Parasnis, subsidies are not the way to promote sustainability in the renewal energy market. "What we require right now is the push through government policies to facilitate technology transfer [and] benefits not only to power generators but also to renewable power consumers."
Bob Kondamoori, managing partner at Sandalwood Partners, added, "You have to get the cost down." Using current polysilicon or thin-film technology won't achieve the "critical mass in solar energy generation. If newer technologies exist anywhere around the world, we have to get them here."
