According to a government order, renewable energy companies in India will be blacklisted for three to five years if they fail to complete project deadlines.
According to the order that was issued by the new and renewable energy ministry, the developer should be blacklisted and the bank guarantee of any renewable energy project should be canceled if it is not completed by the specified deadline.
The order that was issued on Wednesday stated that the blacklisting would be in effect for three to five years.
Despite the fact that the government order stated that the blacklisting was in accordance with the government’s General Financial Rules and would apply to all tenders, no company has yet been blacklisted from renewable energy generation contracts for delays.
India must increase its annual capacity by more than 40 gigawatts in order to fulfill its commitment to produce 500 gigawatts of renewable energy by 2030. Nearly 175 gigawatts of renewable energy are currently in use in the nation.
Due to disruptions in the supply of equipment brought on by hefty import duties on solar equipment, the rate of installation is now less than 15 gigawatts per year.
The pandemic resulted in the ministry granting several extensions, the most recent of which was a December 2022 order granting a one-year extension until March 2024 for project completion.
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