Financial closure of Solar PV projects by August 31: DIT

By siliconindia   |   Monday, 13 July 2009, 17:09 IST
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Financial closure of Solar PV projects by August 31: DIT
Bangalore: The Department of Information Technology (DIT) has given a boost to the Solar Photo Voltaic (PV) projects in the country. The DIT has ordered the 12 applicants, who had received in-principle nod for the PV projects to complete their financial closure by August 31. "The applicants will come back with the financial close and the financial details as approved by various financing partners and the application would then be placed before the Appraisal Committee," said R. Chandrasekar, Secretary, DIT. The Appraisal Committee will recommend whether the government can approve the financial support to a particular project. According to The Hindu, last month, the government gave the in-principle clearance to 12 PV applicants including Titan Energy Systems, Reliance Industries, Tata BP Solar Power, and PV Technologies India (a subsidiary of Moser Baer). Together these projects involve an investment of Rs 76,500 crore over a 10-year period. The initial nod implied that these proposals have met the basic technical criteria as laid down under special incentive package scheme (SIPS). Under the SIPS programme, the Centre will provide an incentive of 20 percent capital expenditure during the first 10 years for the units in Special Economic Zones (SEZ) and 25 percent of the capital expenditure in non-SEZ units. The release of funds under SIPS will happen once the companies have incurred threshold expenditure of projects, which is Rs 2,500 crore for fab units and Rs 1,000 crore for eco-system units including PV. The DIT is optimistic that the applicants will meet the deadline and reach their financial closure, despite the current slowdown.

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