India may achieve about 76 per cent of the target of having 175 gigawatts of renewable power generation capacity by the scheduled date of 2022 as it faces myriad challenges, Wood Mackenzie said Monday. India is targeting 100 GW of solar capacity and 75 GW of wind power by 2022.
“Even with significant cost declines, Wood Mackenzie expects about 76 per cent of the target to be met by 2022 and this would still be a noteworthy achievement,” the world’s leading research and consultancy firm said in a report.
Wood Mackenzie’s solar analyst Rishab Shrestha said India faces a myriad of challenges in the renewables industry.
“The recent cancellation of auctions risks jeopardising investor confidence. Various duties on equipment and the associated uncertainty has led to a short-term uptick in solar prices.
This leads to the knock-on effect on already cash-strapped state distribution companies who are showing an unwillingness to green light high priced solar projects,” he said. Read More