New Delhi: The government on Friday said clean energy developers can furnish letter of undertaking issued by IREDA, PFC or REC in lieu of bank guarantees under state auctions for renewable power projects. The move will further improve ease of doing business for companies, New and Renewable Energy Minister R K Singh said.
In a statement, the Ministry of New and Renewable Energy (MNRE) said Singh “has approved a proposal for acceptance of Letter of Undertaking issued by IREDA, PFC and REC in lieu of bank guarantees for Earnest Money Deposit (EMD) by SECI (Solar Energy Corporation of India), NTPC and NHPC in the case of tenders/biddings for developing renewable energy (RE) projects in the country.”
