The Cabinet Committee on Economic Affairs (CCEA), on Wednesday, approved a time extension of 36 months to 10 provisional power projects for furnishing the final mega certificates to the tax authorities. “Extension of time period for furnishing the final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per policy terms. The increased liquidity will boost the overall growth of the country and also ensure the revival of various stressed power assets,” said the government in a statement. The time period for the 10 provisional mega power projects, which are commissioned or partly-commissioned for furnishing the final mega certificates to the tax authorities, has been extended to 156 months instead of 120 months from the date of import, it added. “During this extended period, bids for firm power (combination of intermittent renewable energy (RE), storage and conventional power) will be invited in coordination with Ministry of New & Renewable Energy (MNRE) and Solar Energy Corporation of India (SECI) and these mega projects will be expected to participate in such bids to secure PPAs,” it said. The Ministry of Power will also develop an alternative in this period, based on present electricity markets while ensuring that benefits are passed onto consumers in a competitive manner.
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