Finland-based new energy technology company, The Switch, has set up its office in Chennai by establishing a wholly-owned subsidiary - The Switch India.

The new base serves as the company's beachhead to strengthen its business network and to lead business development efforts in the fast growing wind and solar power market in India, according to a company release.

Pertti Kurttila, vice-president, supply, The Switch, said: "India's growing wind and solar power market is highly attractive for us. India's wind power potential exceeds 45,000 Mw and the country also possesses a large and high-potential solar energy resource.

"By 2022, India's target is to have 38,500 Mw of installed wind power capacity and 20,000 Mw of solar power respectively, part of which is based on grid connected solar photovoltaic systems."

The Switch has over 5,000 Mw of installed wind power capacity in the global market and in solar solutions, its focus is on high-power level applications starting at 500 kW, the release said.