3-year extension for 10 mega power projects to submit required documents

The Union Cabinet on Wednesday extended the time limit for 10 power projects by 36 months to furnish documents required to become certified ‘mega’ projects so as to avail tax benefits and bid for tenders or supply of electricity.

The extension of time period will enable developers to competitively bid for future PPAs (Power Purchase Agreements) and get tax exemptions as per policy terms, an official statement said.

This will lead to an increase in liquidity of such projects. It will also boost the country’s overall growth and ensure the revival of various stressed power assets, it said.

“The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, today approved the time extension (36 months)