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India Solar-Credit Demand Rises to 4-Month High in July

July 31 (Bloomberg) -- Demand for Indian solar-energy credits rose to a four-month high in July after a power utility entered the market seeking to comply with government clean-energy targets.

A total of 6,633 solar credits were sold on the nation’s two power exchanges, according to data compiled by trader REConnect Energy Solutions Pvt. That’s the most since March.

India requires state-run electricity distributors and large industrial companies including Coal India Ltd. and Tata Power Co. to get as much as 10 percent of their energy from renewables. Those unable to get enough locally must purchase credits sold over power exchanges in monthly trading sessions.

Demand in July “grew sharply primarily due to the participation of a distribution company,” REConnect said in an e-mail without disclosing the buyer.

The solar credits cleared at their minimum price of 9,300 rupees ($154). Each credit represents 1 megawatt-hour of electricity fed into the grid.

Wind, hydropower and biomass credits, which trade separately, sold at their floor price of 1,500 rupees.

To contact the reporter on this story: Natalie Obiko Pearson in New Delhi at npearson7@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Abhay Singh, Ana Monteiro

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