RENEWABLE ENERGY

Basic customs duty on Chinese solar imports to be delayed by 15 to 20 days, says MNRE

The basic customs duty on solar imports from China, which was supposed to be implemented from August 1, will be delayed for another two to three weeks, per an industry meeting with the Ministry of New and Renewable Energy (MNRE).

The renewable energy ministry has been in talks with the Ministry of Finance over the customs duty for nearly three weeks now. The power purchase agreements (PPAs) which were already signed remain the biggest issue between the ministries, according to people present at the meeting.

Last month, union power and renewable energy minister RK Singh had told reporters and industry stakeholders that projects signed before August 1 would be eligible for a “grandfather” clause, which would have allowed renewable energy firms to claim reimbursements on the duty they have paid while importing equipment from China.

Adding a “grandfather clause” to existing power purchase agreements would mean that there is an understanding between solar developers and the government that the project costs

Source
ET Energy World
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