India To Achieve 76% Of Renewable Energy Target By 2022: Wood Mackenzie

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'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,

Wood Mackenzie expected non-hydro renewables to make up 13 for per cent of power generation mix by 2023.