Hitachi Energy to invest ₹2,000cr in India's green power sector
What's the story
Hitachi Energy has announced plans to invest ₹2,000 crore in India's power sector in the coming years.
The investment will strengthen the country's power supply systems as it moves toward green energy.
The initiative will be spearheaded by Hitachi Energy India Ltd., the Indian arm of the global tech giant.
The company's main focus will be on developing tech for greener power transmission and sustainable mobility solutions for public transport.
Green mobility
Green mobility solutions to boost India's net-zero ambition
Hitachi Energy is bringing a new green mobility portfolio to India this week.
The company believes this smart mobility solution will accelerate the adoption of safe, sustainable, and intelligent transportation in the country.
It is specifically targeted at large-scale public transport and commercial fleets.
"Technological solutions such as these will be pivotal in accelerating the country's journey toward its net-zero ambition," said the Zurich-based firm.
Equipment launch
Plans to launch new power transmission equipment in India
Along with its green mobility solutions, Hitachi Energy also plans to launch new power transmission equipment in the Indian market.
This will help lessen greenhouse gas emissions from the sector and strengthen India's power grids.
The need for such measures has been highlighted by a rise in emissions due to increased power demand across the country.
Demand surge
India's power demand projections and post-pandemic growth
According to the 20th Electric Power Survey (EPS) demand projections, India's peak electricity demand and electrical energy requirement are projected to reach 277.2GW and 1,907.8 billion units for 2026-27, and 366.4GW and 2473.8 billion units for 2031-32.
After the pandemic, India's power generation growth has surpassed pre-pandemic levels, rising from around 5-6% on average before the pandemic to nearly 8% in the following years.
Strategic alignment
Hitachi Energy's new investments align with its 2030 growth plan
Andreas Schierenbeck, global chief executive of Hitachi Energy, said the new investments are part of an effort to expand and upgrade capacity and talent, strengthen the supply chain, and enable flexibility through digitalization.
These initiatives align with the Hitachi Energy 2030 strategic growth plan.
Schierenbeck noted that power grids are becoming increasingly significant both from a capacity and complexity perspective as the energy transition gains momentum with increased electrification and integration of renewables.