India has powered its way into the global arena of non-conventional energy producers with Pune-based Suzlon Energy Ltd finding a place among the world’s Top 10 players.
Suzlon, the only Indian firm in the list, has a global market share of 6% in the wind power sector and a presence in the US, China, Australia, Brazil, Italy, Portugal and South Korea, according to international advisory firm McLean & Partners Wealth Management.
In its study of key global players in the alternative energy space, the Canada-based firm said the use of solar and wind energy would become critical in the future.
Besides Suzlon, other global leaders in the list include Denmark-based Vestas Wind Systems, China-based Suntech Power Holdings, and JA Solar Holdings and three US-based firms—MEMC Electronic Materials, First Solar Inc. and Sun Power Corp.
German-based Q-Cells, Norway-based Renewable Energy Corp. and Spain-based Gamesa Corp. Tecnologica SA were also placed in the list.
“Already, in much of the world outside of North America, solar and wind electrical generation is well established, driven by government sponsorship and incentives, as well as enlightened consumer awareness about environmental responsibility,” the report said.
The report stated that the ranking was assigned primarily based on market capitalization and future outlook of the respective firms.
The alternative energy space is hogging the limelight in the wake of waning reserves of traditional energy resources such as coal and petroleum.
India is also negotiating the India-US nuclear deal to develop alternative energy sources and to check soaring oil prices.
Meanwhile, in its bid to expand the global footprint, Suzlon is pursuing an inorganic growth path.
In June, the wind-turbine major completed the acquisition of leading German firm Repower Systems AG, while last year the firm had snapped up Belgium-based Hansen Transmission International NV, which along with its subsidiaries is engaged in the manufacture and supply of wind energy gearboxes.
The company has turbine and component-level R&D centres in Europe and is the most vertically integrated company in this sector with significant manufacturing presence in low-cost countries. For the quarter ended June, Suzlon recorded a total income of Rs862.9 crore and a net profit of Rs89.4 crore.