India State Utility Asks Renewable Firms to Redraw Contracts
- Andhra Pradesh discom asks companies to reduce tariffs
- Solar Energy Corp. of India exploring legal options: chief
A wind turbine stands near a farm in Dewas, Madhya Pradesh, India.
Photographer: Prashanth Vishwanathan/Bloomberg
India’s Andhra Pradesh has asked developers of all renewable energy projects in the southern state to cut the price of green power and disregard existing contracts, according to people with knowledge of the matter.
The state’s power utility sent letters over the last fortnight to developers including Goldman Sachs Group Inc.-backed ReNew Power Ltd., Greenko Group, Mytrah Energy Ltd, and Acme Cleantech Solutions Pvt., the people said, asking not to be identified as they aren’t authorized to speak to the media. Auctioneers, state-owned power generator NTPC Ltd. and Solar Energy Corp of India, have also been served notices asking them to reduce tariffs for 1.65 gigawatts of projects in the state to match a record low price of 2.44 rupees a kilowatt-hour.