Renewable energy company ACME, which created ripples in the industry in May 2017 and July 2018 by offering to sell solar power at ₹2.44 a kWhr, in capacity auctions conducted by state-owned SECI, is now again in the news for backing out of the project.
The company has invoked the force majure clause to escape penalties for turning back on a 600-MW solar project it had won in July 2018, quoting a tariff of ₹2.44.
ACME’s quote became a benchmark of sorts, with the government frowning on higher quotes, suspecting cartels at work in rigging the prices at auctions. This suspicion led to the government bringing a ‘cap’ on solar tariff — an upper limit, quotes above which would not be considered for project awards.
