E-commerce giant Amazon has announced the inauguration of a new 198-megawatt (MW) wind farm situated in Osmanabad, Maharashtra, India. This facility marks a significant milestone for Amazon as it becomes the 50th wind and solar project in its expanding renewable energy portfolio in India, propelling the company's total renewable energy capacity to over 1.1 gigawatts (GW).
From 2014 to 2022, Amazon's commitment to wind and solar farms in India has played a substantial role in fostering an estimated economic investment of $349 million (INR 2,885 crore) within Indian communities. Additionally, these initiatives have contributed approximately $87 million (INR 719 crore) to India's overall gross domestic product (GDP) and have supported more than 20,600 full-time equivalent jobs in 2022. These economic impacts have been determined through a newly developed economic model by Amazon.
The wind farm in Osmanabad represents the seventh large-scale renewable energy project unveiled by Amazon in India over the past year. Furthermore, Amazon has introduced a total of 43 rooftop solar projects designed to supply power to its local facilities across the nation. Upon full operational capacity of all 50 projects, they are anticipated to generate sufficient energy to power over 1.1 million households in New Delhi annually, while also providing clean energy to Amazon's data centers, logistics facilities, physical stores, and corporate offices.
In recent years, Amazon has engaged in collaborative efforts with policymakers, regulators, and various industry stakeholders to foster corporate renewable energy procurement opportunities in India. These collaborative endeavors have not only brought these projects to fruition but have also paved the way for other entities to scale up their renewable energy initiatives.
Amazon, having held the title of the largest global corporate purchaser of renewable energy since 2020, is also recognized as the largest corporate buyer of renewable energy in India, according to publicly available data and Bloomberg New Energy Finance.
Amid the global momentum towards clean energy solutions, India has shown no exception, with a growing focus on electric vehicle adoption, plastic bans, carbon capture, and energy efficiency. The Indian renewable energy sector, as reported by The Insight Partners, currently boasts a valuation of approximately $17 billion and has been experiencing steady annual growth at a rate of 15%.
Of significant note, the proportion of renewable energy within India's overall power capacity leaped to 23% in 2018, marking a substantial increase from around 13% in 2015. To further facilitate investment in clean energy, India's Ministry of New and Renewable Energy (MNRE) introduced the “Industry and Investors' Facilitation Centre” in 2020, aimed at addressing investor concerns and driving investment in this crucial sector.
In recent times, India has witnessed the emergence of various cleantech startups that are contributing innovative solutions to further India's clean energy objectives. These startups include 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and many others. Notable funding announcements in this space include Chennai-based Proklean Technologies securing $4 million in a strategic funding round from the Raintree Family Office and Newtrace raising $5.65 million with backing from Sequoia Capital India and Aavishkaar Capital.