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News Brief | June 2013

Fines on $1 Billion Solar Thermal Plants may be deferred

India's Ministry of New and Renewable Energy is seeking to defer penalties on about $1 billion of solar-thermal power projects that are delayed by a lack of water, financing difficulties and equipment shortages. Seven projects totaling 470 megawatts in capacity by companies including by Godawari Power and Ispat Ltd., Reliance Power Ltd. (RPWR) and Lanco Infratech Ltd. (LANCI) that were to be ready by May, arenÆt operational, Tarun Kapoor, joint secretary at the ministry, said in a phone interview from New Delhi. The projects could potentially forfeit about 2.3 billion rupees ($42.5 million) in performance guarantees, according to rules when the contracts were awarded in December 2010.
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