Press "Enter" to skip to content

COVID-19 lockdown: Govt offers blanket extension of timeline for renewable tasks

There are round 8-9 GW of photo voltaic tasks and 2-Three GW of wind tasks that are in pipeline and scheduled for commissioning this yr.

The Ministry of New and Renewable Energy (MNRE) has given all renewable tasks within the pipeline a blanket extension within the deadline for the interval of lockdown plus extra 30 days for normalisation, for which they won’t must submit any proof or proofs for examination.

The transfer comes after renewable firms made representations to the federal government to permit a blanket extension for six months to beat supply-side disruptions in finishing the tasks.

The MNRE in a notification dated April 17 stated: “The renewable energy implementing agencies may grant extension of time for RE projects, on account of lockdown due to Covid-19, equivalent to the period of lockdown and additional 30 (thirty) days for normalisation after end of such lockdown. Thus, the extension will be for the period of lockdown plus 30 (thirty) days. This will be a blanket extension – there will be no requirement of case-to-case examination. There will be no need to ask for any evidence for extension due to lockdown.”

State renewable vitality departments, together with companies underneath energy and vitality departments, dealing in renewable vitality can also deal with the lockdown as pressure majeure and should think about granting applicable interval of extension on account of such lockdown, the notification stated.

The MNRE, on March 20, had introduced that “delay on account of disruption of the supply chains due to spread of coronavirus in China or any other country” could be seen as a pressure majeure occasion. Project builders is not going to must pay any penalty for lacking commissioning deadlines, if they’ll show that consignments received delayed by international restrictions in freight actions stemming from Covid-19.

A pressure majeure means extraordinary occasions or circumstance past human management.

All tasks in pipeline are anticipated to avail of this profit. According to the MNRE, there are round 33 GW of capability within the pipeline. There are round 8-9 GW of photo voltaic tasks and 2-Three GW of wind tasks that are in pipeline and scheduled for commissioning this yr.

Do you recognize What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains every of those and extra intimately at Financial Express Explained. Also get Live BSE/NSE Stock Prices, newest NAV of Mutual Funds, Best fairness funds, Top Gainers, Top Losers on Financial Express. Don’t overlook to attempt our free Income Tax Calculator device.

Financial Express is now on Telegram. Click right here to hitch our channel and keep up to date with the most recent Biz information and updates.

Source hyperlink

Be First to Comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    %d bloggers like this: