New Delhi: Madhya Pradesh, India’s second largest state, has appealed to the country’s top court to quash a Goldman Sachs-backed solar project, highlighting the challenges faced by solar companies looking to expand in Asia’s third largest economy. The move comes after Madhya Pradesh cancelled three solar power purchase deals with Canada-based Sky Power Global, also due to issues related to land acquisitions. India is targeting a 30-fold increase in solar power generation capacity to 100 gigawatts (GW) by 2022. But the plan risks running into trouble as debt-laden states try to renegotiate deals with solar investors. ReNew Power, which has invested Rs2,000 crore ($314 million) in Madhya Pradesh, alleges the state discom is not commissioning its plant, despite it being ready a week ago.

Source: Mint September 09, 2017 04:30 UTC