Under the Chairmanship of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA) has extended the time to identify 10 Provisional Mega certified projects for furnishing the final Mega Certificates to the Tax authorities for 36 months.
The Committee came to this decision as the time concession for furnishing the final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per Policy terms. Hence, the increased liquidity will boost the country’s overall growth and ensure the revival of various stressed power assets.
The Committee also extended the duration to provide the final Mega Certificates for the ten commissioned/ partly commissioned Provisional Mega projects from 120 months to 156 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 & 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.
Meanwhile, the Ministry of Power will work on developing an alternative based on present electricity markets to assure that its benefits are passed on to consumers in a competitive manner.
About Mega Power Projects
Ultra Mega Power Projects are a series of ambitious power stations planned by the Government of India. The government had aimed to create an additional capacity of at least 100,000 MW by 2022.
The Ministry had earlier stated that the projects with the capacity of 1000 MW and more and catering power to more than one state should be considered Mega Projects.
