MNRE provides a five-month extension for renewable energy projects hit by COVID-19 & ISTS waiver extension for solar projects until June 2023 – brings much-needed respite for the solar industry
The ministry of new and renewable energy (MNRE) has granted an extension in the scheduled commissioning date for renewable energy projects by five months from 25 March to 24 August 2020 to overcome the disruption caused by the nationwide lockdown due to the coronavirus outbreak. The government has been ever supportive in motivating the solar segment to grow in the country by providing a favorable regulatory and policy atmosphere and steps like these will surely help the solar developers who have been hit due to the lockdown to commission projects without the stress of being penalized and also will provide time to the laborers to return back to project sites. Also, the government’s step to wave off inter-state transmission charges and losses for transmission of the electricity generated by power plants using solar and wind sources of energy, including solar-wind hybrid power plants with or without storage commissioned till 30th June 2023 has been met with relief by the industry, after COVID 19 had heavily hit renewable projects development.
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Key Highlights
German KfW Development Bank has agreed to give a soft loan of INR 600 crore to West Bengal power utility for the first phase of a 125MW solar park project in Purba Medinipur district
State-run power giant NTPC has floated a tender to acquire 1 GW operational solar projects, which entails an investment of around INR 5,000 crore.
Vikram Solar Ltd. is planning to invest INR 54.32 billion (USD 726 million) to make solar energy equipment in India, which is encouraging domestic manufacturing to reduce imports.
Report Insights
The ministry of new and renewable energy (MNRE) has granted an extension in the scheduled commissioning date for renewable energy projects by five months from 25 March to 24 August 2020 to overcome the COVID-19 disruption.
The government's decision to continue the imposition of safeguard duties for a third consecutive year on imports from China has been met with confusion from the industry. The solar industry has been recommending to the government to levy a basic customs duty (BCD) on imports of solar cells and modules as it will give support and direction to the domestic manufacturers in the coming years and help them come at par with the competition.
Must Buy For
Central Power Generation Companies
State Power Generation Companies
Power Distribution Companies
Independent Power Producers
State Electricity Boards
Project Developers
EPC Contractors
Original Equipment Manufacturers
Renewable Power Developers
Renewable Developing Agencies
Government Agencies
Research firms/ Institutes
Project Consultants
Industry Associations / Technical Consulting Group
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