Russian co eyes India green energy foray

NEWDELHI: Attracted by the opportunities in India’s green energy space, Rosatom State Atomic Energy Corp is planning to enter the country’s renewable energy sector. To start with, the Moscow-based Rosatom, through its unit JSC OTEK, may acquire wind energy projects in India.

Rosatom, which has a partnership with state-run Nuclear Power Corp. of India Ltd. for the Kudankulam nuclear plant in Tamil Nadu, is also planning to set up small hydropower projects in the country. “They are looking at how to go about their India plans which includes acquiring wind power assets,” said a person aware of Rosatom’s strategy, requesting anonymity.

This development assumes significance given Russia’s attempts to build better economic ties with India at a time when Moscow is facing Western sanctions. Rosatom’s India strategy follows the US’s withdrawal from the Paris climate agreement on grounds that the deal favoured India and China and was unfair to the US.

“We are sure that Indian renewable energy market has great potential and opens up good opportunities for collaboration, which we evaluate thoroughly, but now it’s premature to comment on certain business decisions,” said a OTEK spokesperson in an emailed response.

India has set a clean energy target of adding 175 gigawatt (GW) by 2022. Of India’s current 57.26 GW of installed green energy capacity, wind power accounts for 32.27GW.

“We have gained wide and good experience of cooperation with our Indian counterparts in nuclear power, and we are starting to cooperate closely in the field of non-power nuclear applications,” Rosatom said in a statement.