India set to miss Modi’s ambitious 2022 renewables goal

That may be intentional. With the pandemic halting work and projects hitting logistics snags, India is on track to miss its goal of increasing renewable energy capacity to 175 gigawatts by the end of 2022. Solar and wind alone account for 160 gigawatts and the country could fall 36% short of that figure, BloombergNEF estimates. The potentially disappointing numbers offer insight into structural problems facing India on its journey to decarbonization. Domestic power suppliers, which control nearly 90% of electricity transactions, are struggling to stem losses and shrink a pile of debt. That crimps their ability to buy enough power to service customers, resulting in delayed payments to power producers and stifling growth across the industry . Financial distress in state retailers is a major reason why this year's target seems out of reach. Many projects auctioned by the federal government have struggled to find buyers, people familiar with the matter said. About a quarter of wind projects awarded in auctions so far have failed to take off due to problems related to distribution utilities, according to BloombergNEF. "We need to stop depending on state power distribution companies to expand green capacity," said Debasish Mishra, a Mumbai-based partner at Deloitte… Read full this story

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