More than one third of the PV projects handed out in India’s first national auction look set to miss their January completion deadline, according to an official at the Indian Renewable Energy Development Agency (IREDA).
Thirty-five projects were originally handed out at last December’s auction, with Mahindra Solar One, Azure Power, SunEdison Energy India, Indian Oil, Welspun Solar AP and Punj Lloyd Infrastructure among the successful bidders. However, IREDA director K.S. Popli has now revealed that nearly a year later 12 of these projects are behind schedule. He declined to name the companies in danger of missing the deadline.
Bharat Bhargava, the director at India’s Ministry of New and Renewable Energy, announced yesterday that companies failing to finish on time will face fines and have their power purchase agreements cancelled. Without these agreements, projects lose preferential rates and a guaranteed buyer for their power.