Actis-backed Sprng Energy wants to cancel 100 MW wind power purchase agreement with SECI

Sprng Energy, the Indian renewable energy platform set up by UK-based fund manager Actis, wants the termination of the power purchase agreement (PPA) signed with the Solar Energy Corporation of India (SECI) for its upcoming 100 mega-watt (MW) wind project. The company said it wanted the PPA to be cancelled because of the delay in the identification of a final buying entity and the restrictions on account of the on-going Covid-19 pandemic.

Sprng Energy has also appealed the Central Electricity Regulatory Commission (CERC), seeking the release of its performance bank guarantee issued to SECI.