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ReNew Power to pay fine but keep solar PPA in Madhya Pradesh

Image via Flickr/Joe Gratz (CC0 1.0)

April 17 (Renewables Now) - Indian renewables company ReNew Power Ventures Pvt Ltd has retained its power purchase agreement (PPA) for a 51-MW solar park in Madhya Pradesh but was slapped with a INR-119-million (USD 1.8m/EUR 1.5m) fine for delaying the project.

The Supreme Court has upheld a decision by the Madhya Pradesh High Court that deems the request to cancel the existing PPA to be invalid, local media report.

ReNew Power won the particular project in 2015 and signed a power supply contract with state-owned Madhya Pradesh Power Management Company (MPPMCL). The company, however, had difficulties finding land for the solar park and could not complete the project on time, which led to MPPMCL asking for termination of the deal.

(INR 10 = USD 0.152/EUR 0.123)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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