India will miss its ambitious 175GW renewables target for 2022, according to research group Wood Mackenzie.

Even with the benefits of further cost reductions in wind and solar, Wood Mackenzie expects 76% of the 2022 goal to be fulfilled citing “a myriad of challenges” facing the country’s renewables sector – a level that would still be a “noteworthy achievement”.

The obstacles include knocks to investor confidence from recent auction cancellations, pressure on the finances of state distribution companies, and duties on equipment imports, said Wood Mackenzie solar analyst Rishab Shrestha.