PFC adjusts Andhra Pradesh discoms’ dues of about Rs 600 crore with green companies
BENGALURU: The pending dues of Andhra Pradesh discoms, of around Rs 600 crore, to various renewable energy developers have been cleared directly by the Power Finance Corporation (PFC) up to March 2020, sources close to the development said.
The dues had begun to mount with the Andhra Pradesh government stopping payments to developers following a standoff between the two, which arose after the new YSR Congress government led by Y. S. Jaganmohan Reddy came to power in May 2019. The new government maintained that the former Telegu Desam government of N. Chandrababu Naidu had signed contracts with the renewable energy developers at inflated tariffs and refused to honour them. It wanted to renegotiate all the contracts at lower rates.
