IREDA to handle CPSU Scheme on behalf of MNRE

The Ministry of New and Renewable Energy (MNRE) has appointed the Indian Renewable Energy Development Agency Limited (IREDA) as the implementing agency to handle the Central Public Sector Undertaking (CPSU) Scheme Phase-II on its behalf in fresh amendments announced on Monday.

The amended clause also added that all issues regarding time-extension and dispute resolution on force majeure events will also be dealt by IREDA.

“IREDA will now be entrusted with the task of conducting bidding for allocation of solar power projects in the Scheme with Viability Gap Funding (VGF) amount as a bid parameter to select project proponents. The maximum permissible VGF amount will be reviewed time-to-time by MNRE and will be reduced by it if the cost difference comes down,” MNRE said in its office memorandum.

In the existing clause, the Solar Energy Corporation of India (SECI) handled the scheme on behalf of the ministry including conducting bidding on VGF basis for selection of government producers, time-extension and dispute resolution.

“The VGF provided under the Scheme can be used by the government producers as their equity in solar projects being set-up under this. If a government producer sets up a solar PV project under the CPSU scheme in a solar park, both CFA as per solar park scheme and VGF under the CSPU scheme will be eligible,” the ministry said.

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