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Wind Energy

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These technologies may include wind power systems greater than 1–2 MW, wind machines for low-wind regimes, and better designs for rotor blades, gear boxes, and control systems.

• Wind power 10.25% interest rates (interest rate subsidy).

• Eight states—Andhra Pradesh, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, and Tamil Nadu—have declared buy-back tariffs.

• Tax holidays for wind power generation projects.

• 80% accelerated depreciation on the equipment during the first year.

• Concessions on customs and excise duties.

• Liberalized foreign investment procedures.

• Preferential tariffs for wind power.

IREDA has been a major funder of wind projects since its inception. However, due to depreciation allowances and other incentives, wind power projects have become viable investments by commercial banks. Currently, IREDA’s focus has shifted mostly to financing small hydropower projects, an area that is currently financed by just two commercial banks. IREDA provides financing for projects, equipment, and manufacture of equipment.

Several financial and fiscal incentives are available to wind energy systems, including:

• Tax holidays for wind power generation projects;

• Eighty percent accelerated depreciation on the equipment during the first year;

• Concessions on customs and excise duties;

• Liberalized foreign investment procedures;

• Preferential tariffs for wind power.

Major national financial institutions such as IDBI, ICICI, REC, and PFC also finance wind power projects.

Wind power technology converts energy in the wind into useful power. Historically, wind power technology was used for mechanical applications such as grain milling and water pumping and is still used for such purposes. Today, the primary market for wind power technology is for wind turbines, which convert wind energy into electricity. Wind power for electricity generation is the fastest growing segment of the power sector, driven by the low cost of electricity generation, short project development and construction times, and government policies favouring clean and renewable energy technologies.

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