Goldman-backed ReNew says Andhra Pradesh problems could hurt India’s renewables target
Investors could be put off India by Andhra Pradesh state’s difficult relationship with renewable energy companies, Sumant Sinha, chair of Goldman Sachs-backed ReNew Power, said on Thursday.
India, the world’s third-largest emitter of greenhouse gases, wants to raise its renewable energy capacity to 500 gigawatts (GW), or 40% of total capacity, by 2030.
The southern state of Andhra Pradesh is among the largest adopters of renewable energy and ReNew Power, about 49% owned by Goldman Sachs, is India’s largest renewable energy company.
But the state has been curtailing power procurement from renewable energy companies, citing high prices, and pushed to renegotiate its supply contracts with them.
