The Supreme Court has slapped a penalty of Rs 110 million on Gurgaon-headquartered renewable energy company ReNew Power for delaying the commissioning of a 51-Mw solar power project in Madhya Pradesh by more than 210 days. The court, however, set aside the cancellation of the power purchase agreement (PPA) which the MP government had initiated.
The case pertains to the 51 Mw project which ReNew won in a competitive bidding process in 2015 at a tariff of Rs 5.45/unit. The bidding was for a total of 300 Mw of power projects. The balance was won by Canadian solar company SkyPower Global. The MP government has already cancelled its PPA with SkyPower.