The researcher of Fitch Solutions forecast in their research contends that the Indian Government’s drive to increase renewables capacity will see the country’s installed capacity more than double by 2028. Denmark’s move to an auction system and government plans for offshore capacity additions means it will steady growth in the next decade and Poland, where the government has relaxed legislation, which impacted negatively on onshore projects.
The government of India has made efforts to overcome the obstacles posed by land acquisition and grid connectivity. Boosting transmission and substation capacity within Tamil Nadu and Gujarat which is concentrated with wind power. Linking these with others will be key to integrate wind in the future. Fitch Solution predicted that India will not meet its target of 60GW which are to installed by 2022. By the end of the forecast period, India will have 82.3GW installed. This is up from 35GW today, according to Windpower Intelligence, the research and data division of Windpower Monthly.
Fitch Predicted that wind power will be a dominated source of electricity in Denmark. Several onshore grid projects were successful in securing a grid connection. It is also being highlighted by Fitch that offshore is a key area for Denmark.
Fitch plans to award 2.4GW of offshore capacity under its 2018 Energy Agreement and the Danish Energy Agency has highlighted a further 12.4GW of future projects. It expects a 3% year-on-year growth in the next decade. This is down from 8% year-on-year growth between 2008 and 2018, due to “mature nature of the market”. Till the period ends, Fitch forecast 7.9GW of installed capacity. This is up from 5.75GW on 12 May.
Poland is a “market to watch’ as described by Fitch due to the government’s relaxation of old stringent legislation and progress on large offshore developments.
The government has cut property tax which was paid on wind farms in July 2018, hence reducing the cost for investors. At the beginning of this year, the country’s deputy energy minister made an announcement that government’s intention is to soften distance rules for onshore wind turbines though it is not yet clear how this will be done.
It has been noted by Fitch that a joint venture of Equinor and Polenergia is developing the Baltyk Srodkowy II and III wind farms. such large projects will be added to the countries capacity in the reporting period. The annual average growth rate by the researcher is under 4%, with total capacity reaching 8.6GW by the end of 2028. This is up from 5.8GW on 12 May 2019 according to Windpower Intelligence.