SECI Extends Commissioning Date For UPC backed Masaya Solar Project

Highlights :

During the hearing, SECI submitted before the commission that it had granted extension of time to the petitioner and issued extension letter as a matter of policy.

The  Central Electrical Regulatory Commission ordered petitioner Masaya Solar Energy Private Limited on May 30 to withdraw its petition when Solar Energy Corporation of India Ltd (SECI) submitted before the CERC the rescheduled commissioning of a project as prayed by the petitioner. A bench of three judges under chairmanship of IS Jha heard the matter.

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Masaya Solar is a firm formed by UPC Solar Asia Pacific and Ayala Corporation’s energy platform, AC Energy to execute the 300 MW project. Located in Khandwa district of Madhya Pradesh, in India, Masaya Solar has an estimated project cost of US$220 million according to the promoters. Masaya Energy had won with a bid of Rs 2.71 per unit.

Masaya Solar Energy Private Limited, had moved the Commission to direct SECI to grant extension of time by 5 months for achieving financial closure and land acquisition of the project to the petitioner in terms of Power Purchase Agreement dated 03.07.2020. Thus the new deadline for scheduled commercial operations has been set at October 12, 2022 for the 300 MW solar project, from the earlier deadline of May 12, 2022.

The reason was that the delay in achieving financial closure, land acquisition and the delay in commissioning of the project was on account of the Force Majeure pertaining to the inordinate time taken by the Government of India in allowing the petitioner’s Foreign Direct Investment application, being beyond the reasonable control of the petitioner.

During the hearing, SECI submitted before the commission that it had granted extension of time to the petitioner and issued extension letter as a matter of policy. Consequently, the bench allowed Masaya to withdraw its petition.

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