India to blacklist green firms, promoters feigning covid as exit excuse

India plans to take strict action against green energy firms and their promoters feigning the covid-19 as an excuse to exit projects that they were awarded, said three people aware of the developments, requesting anonymity.

This assumes significance given that India is running what will become the world’s largest clean energy programme, and comes in the backdrop of some wind-energy developers seeking ‘low-cost exit options’ for unviable projects.

The government plans to not only blacklist such companies, but also censure their promoters, preventing them from taking part in future projects. With some project developers exploring termination of their power purchase agreements (PPAs) without encashment of bank guarantees, the ministry of new and renewable energy (MNRE) has taken a dim view of such practices as it can impact India’s green energy plans.

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