Govt to blacklist renewable power companies for failure to meet project completion deadlines
New Delhi: The government will blacklist renewable power companies for three to five years if they fail to meet the project completion deadlines, media reports said.
"If any renewable energy project is not completed by the prescribed date of completion, then its bank guarantee should be encashed and the developer blacklisted after asking to show cause," the order issued by the new and renewable energy ministry said, reported Reuters.
So far, India hasn’t blacklisted any company for delays in project completion. But the government order said that the blacklisting was in line with the General Financial Rules and would apply to all tenders.
India targets to achieve over 40 gigawatts of capacity every year to reach its commitment to 500 gigawatts of renewable energy generation capacity by 2030.
However, the current rate of installation is less than 15 gigawatts annually owing to disruptions in equipment supply due to heavy import duties on solar equipment.