Week In India: MNRE Grants BCD Exemption For Imported Solar Capital Goods, REC Sanctioned Loan Assistance of INR 1,10,907.99 Cr During 2019-20, NHPC Signs MoU With Power Ministry And More

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MNRE Issues Amendment For Dispute Mechanism

The Ministry of New & Renewable Energy (MNRE) recently issued an order on  Amendment regarding dispute Resolution Mechanism to consider the unforeseen disputes between solar and wind power developers and SECl/ NTPC/ NHPC, beyond contractual agreements. Some of the important amendments are The DRC will consider all kinds of cases of appeal against decisions given by SECl/NTPC/NHPC on disputes, SEC/NTPC/NHPC from the date of application. No separate extension of time shall be granted for overlapping periods of effect as a result of two or more causes, In case of Extension of Time dispute, the fee payable shall be 1% (one percent) of the impact of SECl/NTPC/NHPC’s decision being challenged, with the impact being limited to the Performance Bank Guarantee (P80) submitted for the project concerned, and which in no case be less than Rs. 1,00,000/- (Rupees one lakh) and not more than Rs. 50,00,000/- (Rupees fifty lakh).

REC Sanctioned Loan Assistance of INR 1,10,907.99 Cr Towards Various Power Sector Projects During 2019-20

The 51st Annual General Meeting (AGM) of REC Limited was held through Video Conferencing/Other Audio Visual Means. The meeting was held in the presence of Shri S K Gupta – CMD REC Limited, Shri Ajoy Choudhary – Director (Finance) REC Limited, Shri Mritunjay Kumar Narayan – Government Nominee Director & Chairman of Audit Committee, Shri Praveen Kumar Singh – Nominee Director of PFC (holding company of REC) and Chairman of Stakeholders Relationship Committee along with Shri J S Amitabh – Executive Director & Company Secretary REC Limited. In addition, 208 shareholders attended the AGM through Video Conferencing/Other Audio Visual Means.During the financial year 2019-20, REC sanctioned total loan assistance of Rs. 1,10,907.99 crore towards various power sector projects/schemes. The same included Rs. 55,811.89 crore sanctioned towards generation projects, Rs. 7,026.33 crore towards renewable energy projects, Rs. 41,604.77 crore towards T&D projects and Rs. 6,465.00 crore towards short term, medium term & other loans. Furthermore, the company’s Net Profit and Total Comprehensive Income stood at Rs. 4,886.16 crore and Rs. 4,336.37 crore respectively.

NHPC Signs Power Sale Agreement With CSPDCL For Supply Of 400 MW Solar Power

NHPC Limited, India’s premier Hydropower utility, under the dynamic leadership of A.K. Singh, CMD, NHPC has signed a Power Sale Agreement (PSA) with Chhattisgarh State Power Distribution Company Limited (CSPDCL) on 25.09.2020 at Raipur (Chhattishgarh) for the supply of 400 MW Solar Power at the tariff of Rs. 2.55/kWh for 25 years on long-term basis. NHPC shall earn trading Margin @ Rs 0.07/kWh during the contract period. The PSA has been signed under the 2000 MW ISTS (Interstate Transmission System) grid connected Solar PhotoVoltaic Projects through NHPC Limited (Intermediary Procurer) under Tariff based Competitive bidding.

MNRE Grants BCD Exemption For Imported Solar Capital Goods

The Ministry of New  & Renewable Energy (MNRE) has recently accepted a request to provide a list  of capital goods and machinery  required for inclusion in list 19 for exemption from payment of BCD. Department of Revenue has earlier exempted certain capital goods from payment of Basic Customs Duty (BCD) when imported into India which includes capital goods required for manufacturing of Solar PV Cells and Modules.The Ministry of New & Renewable Energy  consulted with the Ministry of Finance and Department of Heavy Industry regarding the same. The Ministry has decided that In order to expedite such updation priority will be given to high-value capital goods. For further necessary action the ministry ordered Solar PV  Manufacturers and Solar PV Manufacturer  Associations to provide a list of high-value machinery/capital goods required for the manufacturing of Solar PV Modules from Cells, Solar PV Cells from Wafers and Thin Film PV Modules by 09.10.2020.

IREDA Opens Branch Office In Mumbai

Indian Renewable Energy Development Agency Ltd. (IREDA) has opened its third branch office in the country in Mumbai for facilitation of its customer, borrowers and other stakeholders. The Agency, a Mini Ratna (Category– I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE) already has two branch offices in Chennai and Hyderabad. Pradip Kumar Das, CMD, IREDA opened the new office of the company in Andheri East, Mumbai today in the presence of Chintan Shah, Director (Technical), borrowers and other senior officials. Speaking on the occasion, CMD said, “Mumbai branch is an important step towards realizing the company’s vision for expansion of business. It will provide easy access and services to the company’s borrowers and stakeholders in the region.”

PFC Signs MoU With Govt of India Detailing Targets For FY 2020-21

Power Finance Corporation Ltd (PFC) has signed a performance-based ‘Memorandum of Understanding’ (MoU) with the Ministry of Power, Govt. of India detailing various targets to be achieved by PFC during FY 2020-21. The MoU has been signed by Shri SanjivNandanSahai, Secretary (Power), Govt. of India and R.S. Dhillon, CMD, PFC in presence of senior officials of MOP and PFC. Govt. of India has set an ambitious revenue target of Rs. 36,000 Crs along with various performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT as a percentage of Average Net Worth and Non-financial parameters viz., IPDS-related parameters.

PSU Earns Net Profit After Tax Of INR 3007.17 CR During FY 2019-20

NHPC Limited, hosted its 44th Annual General Meeting (AGM) through video conferencing from its Corporate Office, Faridabad on 29th September 2020. The management of the company recommended a dividend of Rs.1.50 per equity share for the year 2019-20, which is inclusive of interim dividend of Rs.1.18 per equity share paid in March, 2020. A.K. Singh, CMD, NHPC addressed the shareholders at the AGM wherein members of NHPC Board and Company Secretary, NHPC were also present. CMDhighlighted key achievements made by NHPC despite the challenges posed due to COVID-19 pandemic. Singh informed that the Company had earned a total revenue of Rs. 9,771.59 crore, revenue from operations (net) of Rs. 8,735.41 crore and Net Profit After Tax (PAT) of Rs. 3,007.17 crore during the FY 2019-20.

NHPC Signs MoU With Power Ministry

NHPC Limited, India’s premier hydropower utility and a Scheduled ‘A’ Mini Ratna Enterprise of the Government of India has signed Memorandum of Understanding (MOU) on 29.09.2020 with the Ministry of Power, Government of India for the year 2020-21. The MOU was signed by Sanjiv Nandan Sahai, Secretary, Ministry of Power, Government of India and A.K.Singh, CMD, NHPC in the presence of senior officers from MOP and NHPC. In the signed MOU for NHPC, the generation target under Excellent rating has been set as 27500 MUs as against last year’s target of 26000MUs. Excellent Targets for Revenue from Operations (Net) has been kept asRs. 8900 crore, Operating Profit as a percentage of Revenue from Operations (Net) has been kept as 38.00% and PAT/ Average Net Worth has been kept as 10.50 %.

POWERGRID Signs MoU With Ministry of Power Detailing Targets For Year 2020-21

Power Grid Corporation of India Ltd. (POWERGRID) has signed a Memorandum of Understanding (MoU) with the Ministry of Power, Govt. of India on September 29, 2020. The MoU has been signed by Sanjiv Nandan Sahai , Secretary (Power), Government of India and K. Sreekant, Chairman & Managing Director, POWERGRID in the presence of senior officials from MOP and POWERGRID. The MoU includes targets related to various parameters such as Financial, Physical, Project execution, etc. to be achieved by POWERGRID during the FY 2020-21. The MoU includes targets related to various parameters such as Financial, Physical, Project execution, etc. to be achieved by POWERGRID during the FY 2020-21. 

NTPC Signs MoU With Power Ministry Detailing Targets For FY 2020-21

NTPC signed the Memorandum of Understanding (MoU) with the Ministry of Power, Govt. of India, setting key targets for the year 2020-21 on 29-9-2020. Key targets for 2020-21 under excellent category include 340 BU of electricity generation, 15 MMT of coal production, Rs. 21,000 Crores of Capex and Rs. 98,000 Crores of revenue from operations. The MoU also includes other financial parameters.

NHPC Forms JVC With GEDCOL To Develop 500 MW Techno-Commercially Feasible Floating Solar Power In Odisha

NHPC Limited, hosted its 44th Annual General Meeting (AGM) through video conferencing from its Corporate Office, Faridabad on 29th September 2020. The management of the company recommended a dividend of Rs.1.50 per equity share for the year 2019-20, which is inclusive of interim dividend of Rs.1.18 per equity share paid in March, 2020. A.K. Singh, CMD, NHPC addressed the shareholders at the AGM where he informed about MoUs signed with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a Joint Venture Company (JVC) to plan & develop techno-commercially feasible floating solar power projects of 500 MW in the state of Odisha and with Hydroelectricity Investment and Development Company Limited (HIDCL), a company owned by Govt. of Nepal for joint cooperation to develop hydropower projects in Nepal. He went on to add that the company is having 2,800 MW installed capacity under construction and hydroelectric projects having 5,945 MW installed capacity are under the clearance or approval stage.

NTPC Group Records Double-Digit Growth Of 13.3% in Generation In 2nd Quarter of FY 2020

NTPC Group recorded a double-digit growth of 13.3% in generation in the 2nd Quarter from July to September 2020, compared to the same period last year. Group generation in the first half of the current financial year from April to September 2020, was 145.87 BU, higher by 0.4% than the same period last year. NTPC coal stations have maintained a high Availability of 94.21 % during April to Sept’20 as against 90.26 % during the same period last year, demonstrating high levels of operational excellence.

REC Sanctioned Loan Assistance of INR 1,10,907.99 Cr Towards Various Power Sector Projects During 2019-20

The 51st Annual General Meeting (AGM) of REC Limited was held through Video Conferencing/Other Audio Visual Means. During the meeting the company informed that During the financial year 2019-20, REC sanctioned total loan assistance of Rs. 1,10,907.99 crore towards various power sector projects/schemes. The same included Rs. 55,811.89 crore sanctioned towards generation projects, Rs. 7,026.33 crore towards renewable energy projects, Rs. 41,604.77 crore towards T&D projects and Rs. 6,465.00 crore towards short term, medium term & other loans. Furthermore, the company’s Net Profit and Total Comprehensive Income stood at Rs. 4,886.16 crore and Rs. 4,336.37 crore respectively.

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