India seeks cheaper renewable power contracts to spur solar, wind projects

The country's debt-burdened distribution utilities, which have suffered losses related to electricity theft, have been reluctant to agree to long-term contracts

India is considering plans to assist renewable energy developers as cash-strapped utilities shun the long-term contracts needed to underwrite new wind and solar projects, according to people familiar with the proposals.

State-run Solar Energy Corp. is discussing an option to pool electricity supply from renewable energy projects by developers including Adani Green Energy Ltd. and offer it to utilities at a more affordable price, according to the people, who requested anonymity to discuss private details. That should help the firms seal pacts with utilities and enable construction to start on as much as 15.2 gigawatts of renewable energy capacity, a sixth