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Government amends Mega Power Policy to give more time limits to 10 projects

The extension, the government said, will enable developers to competitively bid for future PPAs (Power purchase agreements) and get tax exemptions as per Policy terms. 

Published: 31st March 2022 08:39 AM  |   Last Updated: 31st March 2022 08:39 AM   |  A+A-

Power, energy, electricity, discom

Image used for representational purpose only.

By Express News Service

NEW DELHI:  The government on Wednesday approved an amendment in the Mega Power Policy 2009 to give more time limits for 10 power projects for furnishing the final mega certificates to the tax authorities. The extension, the government said, will enable developers to competitively bid for future PPAs (Power purchase agreements) and get tax exemptions as per Policy terms. 

“The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Narendra Modi, today approved the time extension (36 months) to identified 10 Provisional Mega certified projects for furnishing the final Mega Certificates to the Tax authorities,” said the power ministry in a statement.

The time period for 10 projects which are commissioned/ 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. 

“During this extended period, bids for firm power (combination of intermittent renewable energy, storage and conventional power) will be invited in co-ordination with Ministry of New and Renewable Energy (MNRE) and Solar Energy Corporation of India Limited (SECI) and these Mega projects will be expected to participate in such bids to secure PPAs,” said the ministry.

The cabinet committee also approved a World Bank assisted Rs 6,062 crore funding programme for small and medium enterprises. Titled, Raising and Accelerating MSME Performance (RAMP), it is a new scheme and would commence in Financial Year 2022-23.

The total outlay for the scheme is Rs 6,062.45 crore out of which Rs 3750 crore would be a loan from the World Bank and the remaining Rs 2312.45 crore would be funded by the government.



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