Cabinet amends Mega Power Policy to give more time limits to 10 projects

The Cabinet Committee on Economic Affairs approved the time extension to identify 10 provisional mega-certified projects for furnishing the final mega certificates to the tax authorities.

The committee, chaired by Prime Minister Narendra Modi, has extended the time period to 36 months in order to enable developers to competitively bid for future PPAs and get tax exemptions as per Policy terms.

The increased liquidity will boost the overall growth of the country and also ensure the revival of various stressed power assets.

The time period for the 10 provisional mega projects which are commissioned/partly commissioned for furnishing the final mega certificates to the tax authorities has been extended to 156 months from the date of import.

“During this extended period, bids for firm power (combination of intermittent renewable energy, storage and conventional power) will be invited in coordination with the Ministry of New & Renewable Energy (MNRE) and Solar Energy Corporation of India Limited (SECI). These Mega projects will be expected to participate in such bids to secure PPAs,” the government said in an official press release.

The Ministry of Power will also develop an alternative in this period, based on present electricity markets while ensuring that benefits are passed onto consumers in a competitive manner.