India Asks States to Rethink Decision on Redrawing Contracts
- Renegotiation can jeopardize future investment: Minister
- Andhra has asked renewable producers to cut green tariffs
Photographer: Prashanth Vishwanathan/Bloomberg
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India’s federal government is asking provinces that are renegotiating contracts to reconsider their decision, as states backtrack from existing renewable power purchase pacts.
“We are mindful of the difficulties being faced by investors in some instances where the state government is trying to renegotiate some of the executed contracts,” India’s federal oil minister Dharmendra Pradhan said Friday at a BloombergNEF Summit in New Delhi. “Our government has requested state governments to reconsider their decision, as this will jeopardize future investment in not only the concerned state but also the country as a whole.”