Bloomberg Law
Sept. 4, 2019, 4:02 AM

Money Woes, Caps on Prices Strangle Growth of India Renewables

Lou Del Bello
Lou Del Bello
Freelance Correspondent

Developers are ditching solar and wind projects meant to replace fossil fuels as financial struggles and shortsighted policies bring India’s renewable growth to a halt.

Prime Minister Narendra Modi promised to increase India’s renewable capacity to 175 gigawatts by 2022, a target that includes 100 gigawatts from solar and 60 from wind. But as of June, the country’s solar installations totaled 31.5 gigawatts.

Modi’s goal is slipping even further out of reach because industries are increasingly reluctant to invest. In 2019 alone, almost 5 gigawatts of tendered solar and wind capacity went unsubscribed.

“India is such a big market ...