MNRE’s recent guidelines for solar energy bids, are a positive development for the sector as it addresses some key concerns, a report by rating agency ICRA states. Some of these concerns are off-taker credit profile, grid curtailment and termination payments. Sabyasachi Majumdar, Senior Vice-President, ICRA said, “barring the Rewa Solar Park bid, where there was a guarantee by the Madhya Pradesh government to cover for payment delays, no other tender has mentioned payment security in their bidding guidelines. So, this measure, if implemented in the power purchase agreements (PPAs) signed directly by state distribution companies, is a favourable development for solar power developers and improves the bankability of the PPA document.”
The report adds that the provisions for termination liability, along with substitution rights as approved in the bidding guidelines, are expected to provide more protection to developers and lenders. “It is noteworthy that these regulations shall apply only for new projects. The mentioned concerns would continue to prevail for existing projects,” said Majumdar.
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