Small scale hybrid energy sources

Energy is the prime mover of economic growth and is vital to the sustenance of modern economy. Further growth of economy strongly depends upon various sources of energy and its availability that are economically viable/affordable, sustainable, and are environmental friendly. Sudden exploitation of clean energy in practical offers a bit toughest task to the persons around the globe today because of three important reasons as it is known to all about the fossil fuel depletion, un-sustainability in the environment, and change of climate. Energy demand is increasing throughout the globe including India more rapidly when compared to that of production rate, thereby sustaining its growth rate is an important parameter in order to maintain a constant growth rate and stability. In this context, comprehensive, flexible and dynamic approaches are needed to solve this problem with multiple optimization criteria (economic drivers, optimal utilization of Entrepreneurs, etc), high levels of uncertainty, and dynamic behaviour. At present most of the power plants in India dependence heavily on solid fuel sources such as coal. Continuous usage of coal in these power plants will increase various emissions in the form of greenhouse gases (GHG). Spreading rate of these gases in the atmosphere can be curbed partially by the deployment of various alternative energy projects. Feasible alternative energy projects could compensate the interpretation of higher fossil fuel based power plants in turn enhances the economic state of the country. India has an immense supply of various Renewable Energy (RE) resources and it uses different methods for deploying RE products and systems across the nation to sustain their growth rate in turn benefitting to the society. Amongst various sources of RE, wind energy is gaining lot of importance across the globe including India. The growth rate of investment in the field of wind energy signifies in many ways as it is affordable with improved technological development and cost competitive compared to other RE sources and it supports mainly in view of bridging the supply- demand gap. Nowadays it also plays an important role in the contribution of mitigating various GHG emissions to protect environment. For any investor to invest in the field of wind business he should know the background about technological development, economic growth, sustainability in the market, etc, to get his marginal profit along with investment back at the earliest period.  There are many people involved in this task starting from identifying the land in a particular geography and purchasing or getting it leased for installation and erection of wind turbines. To perform this task in a smoother way, skilled and knowledgeable persons in this area are required to get all the clearances from various Government departments, organizations, etc., so that it avoids the risk for a company/investors which are new to that geography. Totally it should act as a single window agency to get all the clearances. Few of the Indian states do not have a single window approach to carry out various tasks involved in it. Here comes an option for the entrepreneur to carry out the task with different perspectives to support for wind energy business development in the selected site. In turn he should support both the investors and Wind Turbine Generator (WTG) manufacturers through the concept called single window especially in terms of economic aspects. The return on investment in the field of wind business relates to many parameters one amongst that is it depends on the  geography which changes according to different locations and it is related to a particular site conditions like, availability of wind resources, wind velocity variation, direction of wind according to seasonal effects, topography, etc. In this context, present study has carried out an economic analysis of a wind farm in the central part of Karnataka (a Southern state in India) and selects a suitable WTG rating capacity. With the aid of an empirical data collected by visiting in person to various wind fields through a detailed set of questionnaires; it evaluates various economic indices like, net present worth, annual equivalent worth, internal rate of return, pay back period, etc., for finding out the appropriateness of investment in the field of  wind business. Finally, economic study did by an entrepreneur in the selected wind farm has helped more than fifteen investors (new persons to the wind energy sector) to invest in this business. It also opines that, enhancing entrepreneurial opportunities is a good way to overcome the challenges for new business development in the emerging economic markets.