Home India Ministry of Power Amendment to the Guidelines for Tariff Based Competitive Bid...
Date: 12-Feb-2025 Category: Extra Ordinary State: Union Government Country: India

Amendment to the Guidelines for Tariff Based Competitive Bidding Process for Procurement of Firm and Dispatchable Power from Grid Connected Renewable Energy Power Projects with Energy Storage Systems

Issued by Ministry of Power · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification issued by the Ministry of Power on February 12, 2025, introduces amendments to the Guidelines for Tariff Based Competitive Bidding Process for Procurement of Firm and Dispatchable Power from Grid Connected Renewable Energy Power Projects with Energy Storage Systems. These guidelines were initially notified on June 9, 2023, and subsequently amended on November 17, 2023, and February 2, 2024. The current notification further modifies these guidelines to address specific aspects of renewable energy procurement and project implementation.

Key Changes

  • Clause 3.1.1(b) is modified to clarify the approval process for deviations in draft Request for Selection (RfS), Power Purchase Agreements (PPA), and Power Sale Agreements (PSA). Deviations already approved before this notification do not require fresh approval. Detailing provisions consistent with the guidelines is not considered a deviation.
  • A new Clause 3.3 is added, allowing procurers to specify sub-stations in Inter-State Transmission System (ISTS) or Intra-State Transmission System (InSTS) for location-specific bids where developers will connect renewable energy projects.
  • Section 7.6 (b) is amended, stating that if a generator fails to maintain the declared minimum Capacity Utilization Factor (CUF) for two consecutive years (excluding the first year after commissioning), it will be considered a default. The yearly minimum CUF obligation will be reduced to the average of the actual CUF for the two default years, and the generator must pay damages equivalent to 24 months (or the remaining PPA period, whichever is less) of the tariff for the reduction in the yearly minimum CUF obligation. Failure to pay these damages may lead to PPA termination, with the generator liable for damages equivalent to 24 months (or the remaining PPA period, whichever is less) of the tariff for the contracted capacity.
  • Clause 7.7 is modified to align Change in Law (CIL) provisions with the Electricity (Timely Recovery of Costs due to Change in Law) Rules, 2021, and subsequent amendments. CIL refers to events related to the project occurring from seven days prior to the last date of bid submission.
  • Clause 9.2.1 is amended to encourage competition while ensuring proper project implementation. Procurers may specify technical criteria after assessing the number of developers likely to meet them. Developers must install and maintain GPS-enabled Automatic Weather Stations (AWS) as per specified standards and comply with applicable cyber security regulations.
  • A new clause 10.3 is added, stating that PPA and PSA signing should be completed within 30 days of the Letter of Award (LoA) issuance, extendable to 12 months. Delays due to procurer actions will not be considered deviations from the guidelines.
  • Clause 11.4 is modified, requiring distribution licensees or intermediary procurers to approach the Appropriate Commission within 30 days of tariff discovery to adopt tariffs under Section 63 of the Electricity Act, 2003.
  • New instruments for Earnest Money Deposit (EMD) and Performance Bank Guarantee (PBG) are added, allowing for Insurance Surety Bonds or other instruments approved in General Financial Rules.
  • Clause 12.3 is amended to clarify that the PBG can be encashed to recover damages or dues from the generator under the PPA. Amounts recovered by the intermediary procurer will be credited to the Payment Security Fund. The PBG will be returned within 45 days of the project's actual supply commencement date, or proportionally for partial commencement.

Impact Analysis

Renewable Energy Developers

  • Action Item: Developers should explore the use of Insurance Surety Bonds as an alternative to traditional bank guarantees to reduce costs and improve financial flexibility.

Procurers (Distribution Companies/Intermediary Procurers)

  • Action Item: Procurers should ensure that bidding documents and project agreements are consistent with the amended guidelines to avoid disputes and ensure smooth project implementation.

Appropriate Commissions

  • Action Item: The Appropriate Commissions should provide clear guidance on the interpretation and implementation of the amended guidelines to ensure consistency and transparency.

Investors

  • Action Item: Investors should engage with developers and procurers to understand their strategies for complying with the amended guidelines and mitigating potential risks.

Key Entities Referenced

Ministry of Power: The central government ministry responsible for formulating policies and guidelines related to the power sector, including renewable energy. Appropriate Commission: The regulatory body responsible for approving tariffs and other regulatory matters related to the power sector. This could be the Central Electricity Regulatory Commission (CERC) or State Electricity Regulatory Commissions (SERCs). Renewable Energy Power Project Developers: Companies or entities that develop and operate renewable energy power projects, including those with energy storage systems. Distribution Licensees: Entities licensed to distribute electricity to consumers. Intermediary Procurers: Entities that procure power from renewable energy projects on behalf of distribution licensees or other consumers. Indian Electricity Grid Code: A set of rules and regulations governing the operation and maintenance of the Indian electricity grid. Electricity Act, 2003: The primary legislation governing the electricity sector in India. Electricity (Timely Recovery of Costs due to Change in Law) Rules, 2021: Rules that provide a framework for the timely recovery of costs incurred by power generators due to changes in law. General Financial Rules: A set of rules and regulations governing financial matters for the Government.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15022025-260980 xxxGIDHxxx CG-DL-E-15022025-260980 xxxGIDExxx असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 46] नई दिल्ली, बुधिार, फरिरी 12, 2025/माघ 23, 1946 No. 46] NEW DELHI, WEDNESDAY, FEBRUARY 12, 2025/MAGHA 23, 1946 जिद्यतु मत्रं ालय सकं ल्प नई दिल्ली, 12 फरिरी 2025 ऊिाा भडं ारण प्रणाजलयों के साथ जिड कनक्े टेड निीकरणीय ऊिाा जिद्यतु पररयोिनाओं से फमा एिं जडस्ट्पचै बे ल जिद्यतु की खरीि के जलए टैररफ आधाररत प्रजतस्ट्पधी बोली प्रदिया के दििाजनिेिों म ेंसिं ोधन। स.ं 48-19/2/2024-एनआरई:—ऊिाा भंडारण प्रणाजलयों के साथ कनेक्टेड निीकरणीय ऊिाा जिद्यतु पररयोिनाओं से फमा एिं जडस्ट्पचै ेबल जिद्युत की खरीि के जलए टैररफ आधाररत प्रजतस्ट्पधी बोली प्रदिया के दििाजनिेिों को दिनांक 09 िून, 2023 को भारत के रािपत्र (असाधारण) (भाग 1- खंड 1) म ें प्रकाजित संकल्प संख्या 23/03/2023- आरएडं आर के माध्यम से अजधसूजचत दकया गया ह।ै इसके बाि, उक्त दििा-जनिेि िमि: 17 निंबर, 2023 के संकल्प संख्या 48-19/2/2023-एनआरई और 2 फरिरी, 2024 के संकल्प संख्या 48-19/2/2024-एनआरई के माध्यम से संिोजधत दकये गय े हIैं 2. केंद्र सरकार एतद्द्वारा 9 िून, 2023 को अजधसूजचत एिम् 17 निंबर, 2023 और 2 फरिरी, 2024 को संिोजधत उक्त दििाजनिेिों में जनम्नजलजखत संिोधन को अजधसूजचत करती ह:ै- i. मौिूिा दििाजनिेिों के खडं 3.1.1 (बी) को जनम्नानुसार संिोजधत दकया गया है: "(बी). इन दििाजनिेिों के खंड 17 में िर्णता प्रदिया के अनुसार इन दििाजनिेिों और/या एसबीडी से, ड्राफ्ट आरएफएस, ड्राफ्ट पीपीए, ड्राफ्ट पीएसए (यदि लागू हो) में जिचलन, यदि कोई हो, के जलए समुजचत आयोग का अनुमोिन प्राप्त करें। 1089 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] बिते दक यदि दकसी बोली के जलए, इन सिं ोधनों की अजधसूचना से पहले जिचलन, पहले से ही उपयुक्त सरकार द्वारा अनुमोदित ह,ैं तो उस बोली के जलए समुजचत आयोग द्वारा नए अनुमोिन की आिश्यकता नहीं होगी। हालांदक, स्ट्पष्टता के उद्देश्य से, यदि खरीिार ड्राफ्ट आरएफएस, ड्राफ्ट पीपीए, ड्राफ्ट पीएसए और अन्य पररयोिना समझौतों को तैयार करत ेसमय जिस्ट्तृत प्रािधान प्रिान करता है, िो इन दििाजनिेिों के अनरूु प हैं, तो इस तरह के जििरण को इन दििाजनिेिों स ेजिचलन के रूप म ेंनहीं माना िाएगा, भल ेही दििाजनिेिों म ेंऐसा जििरण प्रिान नहीं दकया गया हो।“ ii. मौिूिा दििाजनिेिों के खडं 3.2 के बाि जनम्नानुसार एक नया खंड 3.3 िोडा गया ह:ै “3.3 स्ट्थान-जिजिष्ट बोजलयों के मामल ेम,ें िेता इंटर स्ट्टेट रांसजमिन जसस्ट्टम (आईएसटीएस)/ इंरा स्ट्टेट रांसजमिन जसस्ट्टम (आईएनएसटीएस) में उप- स्ट्टिनों को जिजनर्िाष्ट कर सकता है, िहां उत्पािक निीकरणीय ऊिाा जिद्युत पररयोिनाओं को िोडेंगे।” iii. दििाजनिेिों के खंड 7.6 (ख) म ें जनम्नानुसार संिोधन दकया गया ह:ै “यदि उत्पािक पररयोिना सीओडी के तरुंत बाि 31 माचा को समाप्त होने िाले पहले संजििा िर्ा को छोडकर लगातार 2 (िो) िर्ों तक पीपीए में घोजर्त न्यूनतम सीयूएफ के अनुरूप ऊिाा आपूर्ता बनाए रखने में जिफल रहता ह,ै तो यह उत्पािक की चूक (जडफ़ॉल्ट) मानी िाएगी। उत्पािक का िार्र्ाक न्यूनतम सीयूएफ िाजयत्ि 2 चूक िर्ों के िास्ट्तजिक सीयूएफ के औसत तक कम हो िाएगा और उत्पािक को िार्र्ाक न्यूनतम सीयूएफ िाजयत्ि म ें कमी के जलए 24 (चौबीस) माह या िेर् पीपीए अिजध, िो भी कम हो, के टैररफ के बराबर एकमुश्त हिााना खरीििार को िनेा होगा। बित ेदक यदि उत्पािक एकमुश्त हिााना िेन ेमें जिफल रहता है, तो उत्पािक की ऐसी जिफलता को चूक(जडफ़ॉल्ट) की घटना माना िा सकता ह ैऔर पीपीए समाप्त दकया िा सकता ह।ै पीपीए की समाजप्त की जस्ट्थजत में, उत्पािक, िेता को जनधााररत न्यूनतम सीयूएफ के साथ अपनी संजििा की गई क्षमता के जलए 24 (चौबीस) माह या िेर् पीपीए अिजध िो भी कम हो, के टैररफ के बराबर क्षजतपूर्ता का भुगतान करन ेके जलए उत्तरिायी होगा।“ iv. मौिूिा दििाजनिेिों के खडं 7.7 में जनम्नानुसार संिोधन दकया गया ह:ै “जिजध में पररितान: जिजध में पररितान संबंधी प्रािधान जिद्युत (जिजध म ेंपररितान के कारण लागत की समय पर िसूली) जनयम, 2021 और समय-समय पर िारी दकए गए संिोधनों के अनुसार होंगे। इसके अलािा, जिजध में पररितान (“सीआईएल”) िब्ि बोली प्रस्ट्तुत करन ेकी अंजतम जतजथ स ेसात (7) दिन पहल ेपररयोिना स ेसंबंजधत दकसी भी घटना के प्रघटना को संिर्भात करेगा” v. मौिूिा दििाजनिेिों के खंड 9.2.1 म ेंजनम्नानुसार संिोधन दकया गया ह:ै “9.2.1. तकनीकी मानिंड: i. सरकार भागीिारी बढाकर प्रजतस्ट्पधा ाको प्रोत्साजहत करना चाहगेी। तथाजप, पररयोिनाओं का यथोजचत कायाान्ियन सुजनजित करने के जलए खरीििार, तकनीकी मानिंड का उल्लेख कर सकता ह।ै ऐसे पररयोिना जिकासकतााओं, जिनके द्वारा मानिंड पूरे दकए िाने की संभािना हो, की संख्या के मूल्यांकन के बाि ऐसे मानिंड तय दकए िान ेचाजहए तादक प्रजतस्ट्पधाा का समुजचत स्ट्तर हाजसल दकया िा सके। ii. जिकासकताा संबंजधत केंद्रीय सरकारी एिेंसी द्वारा जनर्िाष्ट तकनीकी जिजनिेिों और मानकों के अनुसार िीपीएस सक्षम स्ट्िचाजलत मौसम स्ट्टेिन (ए डब्ल्य ूएस)को स्ट्थाजपत करेगा और उसका रखरखाि करेगा। ऐसे एडब्ल्यूएस से आंकडों की उपलब्धता भारतीय जिद्युत जिड कोड के प्रािधानों और समय-समय पर उपयक्तु भार प्रेर्ण केंद्र स े जनिेिों के अनुसार, उपयुक्त भार प्रेर्ण केंद्र और अन्य केंद्रीय सरकारी एिेंजसयों द्वारा जनर्िाष्ट अनुसार सुजनजित की िाएगी। iii. तकनीकी मानिंडों में यह सुजनजित करन ेके प्रािधान िाजमल होंग ेदक जिकासकताा साइबर सुरक्षा से जनपटन े िाले केंद्रीय सरकारी प्राजधकरणों द्वारा िारी लागू साइबर सुरक्षा जिजनयमों, जनिेिों और दििाजनिेिों का अनुपालन करता ह।ै“[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3 vi. खंड 10.2 के बाि नया खडं 10.3 िोडा गया ह ैऔर संबंजधत नोट में जनम्नजलजखत संिोधन दकया गया है: “10.3 सामान्य पररजस्ट्थजतयों में, पीपीए और पीएसए (यदि लाग ूहो) पर हस्ट्ताक्षर एलओए िारी होने के 30 (तीस) दिनों के भीतर परूा दकया िाना चाजहए। इस अिजध को एलओए की जतजथ स े12 माह तक बढाया िा सकता ह,ै जिसके बाि एलओए रद्द कर दिया िायगा। रटप्पणी: यह स्ट्पष्ट दकया िाता ह ैदक यदि खरीिार बोली प्रदिया में दकसी भी घटना के जलए, 10.3 के अनुपालन के अध्यधीन, जिस्ट्ताररत समय िेता है, तो घटना से पहल ेपरूी की िान ेिाली गजतजिजधयों को प्राप्त करने म ेंिरेी के कारण, या दकसी अन्य कारण से, समय का ऐसा जिस्ट्तार दकसी भी तरह से इन दििाजनििे ों से जिचलन के रूप में नहीं माना िाएगा।” vii. दििाजनिेिों के खंड 11.4 म ेंजनम्नानुसार संिोधन दकया गया ह:ै "अजधजनयम के प्रािधानों के अध्यधीन, जितरण लाइसेंसधारक या मध्यस्ट्थ खरीिार, िैसा भी मामला हो, इन दििाजनिेिों के अनुसार आयोजित पारििी प्रजतस्ट्पधी बोली प्रदिया के बाि, ई-ररिसा नीलामी या अन्य के माध्यम से टैररफ जडस्ट्किरी के 30 (तीस) दिनों के भीतर, अजधजनयम की धारा 63 के अतंगता प्राप्त टैररफ लाग ू (एडाप्ट) करन ेके जलए समुजचत आयोग से संपका करेगा।" viii. बयाना िमा राजि स्ट्थाजपत करने के जलए नया प्रािधान धारा 12.1(क) के बाि जनम्नानुसार िोडा गया ह:ै “12.1(क1) बीमा ज़मानत बांड (इंश्योरेंस जसक्यूररटी बांड) जिसका भुगतान जबना दकसी िता के बैंक गारंटी के समान दकया िाएगा। अथिा केंद्र सरकार द्वारा समय-समय पर संिोजधत सामान्य जित्तीय जनयमों में अनुमोदित कोई अन्य साधन । अथिा” ix. कायाजनष्पािन बैंक गारंटी की स्ट्थापना के जलए खण्ड 12.2(क) के पिात नया प्रािधान जनम्नानुसार िोडा गया ह:ै “12.2(क1) बीमा िमानत बांड (इंश्योरेंस जसक्यूररटी बांड) जिसका भुगतान जबना दकसी िता के बैंक गारंटी के समान दकया िाएगा। अथिा केंद्र सरकार द्वारा समय-समय पर संिोजधत सामान्य जित्तीय जनयमों में अनुमोदित कोई अन्य साधन । अथिा” x. दििाजनिेिों के खंड 12.3 में जनम्नानुसार संिोधन दकया गया ह:ै “अन्य जनिानों के साथ,यह पीबीिी (या इन दििा-जनिेिों के अनुसार प्रित्त जिकल्प) पीपीए के संबंध में की दकन्हीं क्षजतयों/ उत्पािक द्वारा िेय राजियों की िसूली के जलए भुनाई िा सकती ह।ै यह स्ट्पष्ट दकया िाता ह ैदक पीपीए के अंतगात उत्पािक की चूक होने पर, पीबीिी को भुनाकर मध्यस्ट्थ खरीििार द्वारा प्राप्त की गई क्षजतयों/िेय राजियों को इन दििा-जनिेिों के खडं 7.3 के अंतगात मध्यस्ट्थ खरीििार द्वारा प्रबंध दकए िान ेिाले भगुतान सुरक्षा कोर् में िमा दकया िाएगा। पीबीिी (या इन दििा-जनिेिों के अनुसार उपलब्ध जिकल्प) पररयोिना की िास्ट्तजिक आपूर्ता जतजथ से 45 दिनों के अंिर उत्पािक को िापस कर दिया िाएगा । जिद्युत की आपूर्ता के आंजिक रूप से चालू करने के मामले म,ें ऐसी आंजिक क्षमता के अनुसार पीबीिी को िस्ट्तजिक आपूर्ता जतजथ से 45 दिनों के अंिर िापस(ररलीि) दकया िाएगा।” हमे ंत कुमार पांडेय, मख्ु य अजभयंता (आर एंड आर)4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] MINISTRY OF POWER RESOLUTION New Delhi, the 12th February, 2025 Amendment to the Guidelines for Tariff Based Competitive Bidding Process for Procurement of Firm and Dispatchable Power from Grid Connected Renewable Energy Power Projects with Energy Storage Systems No. 48-19/2/2024-NRE.—The Guidelines for Tariff Based Competitive Bidding Process for Procurement of Firm and Dispatchable Power from Grid Connected Renewable Energy Power Projects with Energy Storage Systems have been notified vide Resolution No. 23/03/2023-R&R published in the Gazette of India (Extraordinary) (Part1 - Section 1) on 9th June 2023. Subsequently, the said Guidelines were further amended vide resolution No. 48- 19/2/2023-NRE dated 17th November, 2023 and resolution No. 48-19/2/2024-NRE dated 2nd February, 2024 respectively. 2. The Central Government hereby notifies the following amendment in the said guidelines dated 9th June 2023 amended on 17th November, 2023 and 2nd February, 2024:- i. Clause 3.1.1(b) of the existing Guidelines has been modified as under: “(b). Seek approval of the Appropriate Commission for deviations, if any, in the draft RfS, draft PPA, draft PSA (ifapplicable) from these Guidelines and/ or SBDs, in accordance with the process described in Clause 17 of these Guidelines. Provided that if, for a bid, the deviations are already approved by the Government prior to notification of these amendments, fresh approval by the Appropriate Commission shall not be required for that bid.” However, for purpose of clarity, if the Procurer while preparing the draft RfS, draft PPA, draft PSA and other Project agreements provides detailed provisions that are consistent with the Guidelines, such detailing will not be considered as deviations from these Guidelines even though such details are not provided in the Guidelines.” ii. A new Clause 3.3 has been added after Clause 3.2 of the existing guidelines: “3.3 In case of location specific bids, the procurer may specify the sub-station(s)in Inter-State Transmission System (ISTS)/Intra-State Transmission System(InSTS), where the developers will connect the RE Power Project.” iii. Section 7.6 (b) of the Guidelines has been modified as under: “In the event the Generator fails to maintain energy supply corresponding to the minimum CUF as declared in the PPA for 2 (two) consecutive years excluding the first Contract year ending on 31st March immediately after Project CoD, the Generator shall be in default. The Generator’s yearly minimum CUF obligation shall get reduced to the average of actual CUF for the 2 default years and the Generator shall be obligated to pay to the Procurer lump-sum damages equivalent to 24 (twenty-four) months or balance PPA period whichever is less, of the tariff, for the reduction in yearly minimum CUF obligation. Provided that in case the Generator fails to pay the lump sum damages then, such failure of the Generator may be treated as an event of default and the PPA may be terminated. In the event of termination of PPA, the Generator shall be liable to pay to the Procurer, damages, equivalent to 24 (twenty-four) months, or balance PPA period whichever is less, of tariff for its contracted capacity with the stipulated minimum CUF.” iv. Clause 7.7 of the existing guidelines has been modified as under: “CHANGE IN LAW/ REGULATION: The provisions for Change in law shall be in accordance with the Electricity (Timely Recovery of Costs due to Change in Law) Rules, 2021 and amendments thereof issued from time to time. Further, the term Change in Law (“CIL”) shall refer to the occurrence of any event related to the project from seven (7) days prior to the last date of Bid Submission” v. Clause 9.2.1 of the existing guidelines has been modified as under: “9.2.1. Technical Criteria: i. The Government would like to encourage competition by way increased participation. However, in order to ensure proper implementation of the Projects, the Procurer may choose to specify Technical Criteria. Such[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 5 criteria should be set after an assessment of the number of project developers that are expected to meet the criteria so that an adequate level of competition is achieved. ii. The developer shall install and maintain GPS enabled Automatic Weather Station (AWS) as per the technical specifications and standards specified by relevant Central Government agency. Availability of the data from such AWS shall be ensured as specified by the appropriate Load Dispatch Centre and other Central Government agencies in accordance with the provisions of Indian Electricity Grid Code and instructions from the appropriate Load Dispatch Centre from time to time. iii. The technical criteria shall include provisions to ensure that the developer complies with applicable cyber security regulations, directives, and guidelines issued by the Central Government Authorities dealing with cyber security.” vi. New clause 10.3 has been inserted after clause 10.2 and associated note has been amended as under: “10.3 In normal circumstances, the signing of the PPA and PSA (if applicable) should be completed within 30 (thirty) days from the issuance of the LoA. This period may be extended up to 12 months from the LoA date, beyond which the LoA will be cancelled. Note: It is clarified that if the Procurer gives extended time, subject to adherence to 10.3, for any of the events in the bidding process, on account of delay in achieving the activities required to be completed before the event, or any other reason, such extension of time shall not in any way be construed as deviation from these Guidelines.” vii. Clause 11.4 of the Guidelines has been modified as under: “Subject to provisions of the Act, the distribution licensee or the Intermediary Procurer, as the case may be, shall approach the Appropriate Commission for adoption of tariffs discovered, in terms of Section 63 of the Act, within 30(Thirty) days ofthe discovery of the tariffs through e-reverse auction or otherwise, afterthe transparent competitive bidding process conducted in accordance with these Guidelines.” viii. New instrument for establishment of Earnest Money deposit has been added after clause 12.1(a): “12.1(a1) Insurance Surety Bonds which would be paid unconditionally similar to a Bank Guarantee OR Any other instrument approved in General Financial Rules as amended from time to time by Central Government OR” ix. New instrument for establishment of Performance Bank Guarantee has been added after clause 12.2(a): “12.2(a1) Insurance Surety Bonds which would be paid unconditionally similar to a Bank Guarantee OR Any other instrument approved in General financial Rules as amended from time to time by Central Government” OR” x. Clause12.3 of the Guidelines has been modified as under: “In addition to the other remedies, this PBG (or alternatives provided thereto as per these Guidelines) can be encashed to recover any damages/dues of the generator in terms of the PPA. It is hereby clarified that the damages/dues recovered by the Intermediary Procurer by encashing the PBG, upon the default of the generator under the PPA, shall be credited to the Payment Security Fund to be maintained by the Intermediary Procurer under Clause 7.3 of these Guidelines. PBG (or alternatives provided thereto as per these Guidelines) shall be returned to the generator within 45 days of the actual commencement of supply date of the project. In case of part commencement of supply of power, PBG corresponding to such part capacity, should be released within 45 days of the actual commencement of supply date.” HEMANT KUMAR PANDEY, Chief Engineer(R&R) Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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