The deadline has been pushed back by almost a month to 20 January, Solar Energy Corp. of India said on its website.
India delayed the deadline for companies to submit bids in its next national solar auction for a second time after developers raised concerns about the ability of cash-strapped state utilities to pay for power.
The deadline has been pushed back by almost a month to 20 January, state-run Solar Energy Corp. of India, which will conduct the auction of 750 megawatts of photovoltaic capacity, said on its website. Earlier, it had delayed the deadline from 29 November to 28 December.
The auction will be the first since 2011 by India’s National Solar Mission and will also be the first to offer Rs.1, 875 crore in grants to cover as much as 30% percent of project costs. Developers will submit bids specifying the funds they’re seeking, and the lowest bidders will win.
The government extended the deadline after developers asked Solar Energy Corp. for protection against default by state distribution utilities that will buy power from the projects, according to Bridge to India Energy Pvt., a New Delhi-based solar advisory. The new deadline for completing projects will be around May 2015, it said in an email to clients.