India has made great strides in the addition of RE capacity towards achieving its ambitious targets of GW of installed capacity from non fossil fuel sources by In furtherance of accelerating the addition of RE capacity, the Central Government,

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एलxx.x-GअID.-H3x0xx0 12026-269679 CG-DLxx-xEG-I3D0E0x1x2x0 26-269679 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 64] नई दिल्ली, बुधवार, िनवरी 28, 2026/माघ 8, 1947 No. 64] NEW DELHI, WEDNESDAY, JANUARY 28, 2026/MAGHA 8, 1947 dsUæh; fo|qr fofu;ked vk;kxs अजधसचू ना नई दिल्ली, 24 दिसम् बर, 2025 Qk- la- ,y&1@257@2020¼ih,evkj&4½@lhbZvkjlh.—opqZvy fo|qr Ø; djkj ds fy, fn'kkfunsZ'k 1. ifjp; 1-1 Hkkjr us o"kZ 2030 rd xjS &thok'e bZa/ku lzkrs ks a ls laLFkkfir {kerk ds 500 thMCY;w ds vius egRokdk{a kh y{;kas dk s çkIr djus dh fn'kk eas vkjbZ {kerk ds lao/kZu eas mYys[kuh; çxfr dh gSA vkjbZ {kerk ds lao/kZu dh çfØ;k dk s xfr nsus ds fy,] dsUæ ljdkj us väwcj 2023 es a ÅtkZ laj{k.k vf/kfu;e] 2001 dh /kkjk 14¼<½ vkjS ¼Hk½ ds v/khu] ÅtkZ n{krk C;wjks ¼chbZbZ½ ds lkFk ijke'kZ eas] ukfer miHkksäkvks a ds fy, xSj&thok'e ÅtkZ miHkksx ds U;wure vifs{kr 'ks;j dks fofufnZ"V fd;k gSA bleas miHkksäk Js.kh ds vk/kkj ij fofHkUu xjS &thok'e bZa/ku lzkrs kas ls fo|qr dh fofHkUu miHkksx vko';drk,a tSls fd fo|qr forj.k vuqKfIr/kkjh] fuckZ/k&igqap miHkkäs k] vkSj dSfIVo mi;kxs drkZ muds dqy fo|rq miHkksx ds laca/k esa 'kkfey gSaA uohdj.kh; miHkksx ck/;rk ¼vkjlhvks½ y{; çR;{k :i ls ;k uohdj.kh; ÅtkZ çek.ki=kas ¼vkjbZlh½ ds ek/;e ls çkIr fd, tk ldrs gSaA fofufnZ"V vkjlhvks y{;kas dk s çkIr djus eas fdlh Hkh deh dk s xSj&vuqikyu ds :i es a ekuk tkrk gS] vkSj rnuq:i tqekZuk yxk;k tkrk gSA 561 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 1-2 varjkZ"Vªh; rjhdks a ds v/;;u ds vk/kkj ij] ;g lkeus vk;k gS fd opqZvy fo|qr Ø; djkj ¼ohihih,½ dks ukfer miHkksäkvk sa dks mud s vkjlhvk s y{;ks a dks iwjk djus ds fy, l{ke cukus grs q ,d vU; lk/ku ds :i eas fodflr fd;k tk ldrk gSA 1-3 ohihih,] ç—fr vkSj lajpuk ds ekeys esa uokUs e"s kh vuqca/k gkus s ds dkj.k] dsUæh; fo|qr fofu;ked vk;kxs ¼lhbZvkjlh½ us ohihih, ds laca/k eas fofu;ked U;k;fu.kZ;u ij Hkkjrh; çfrHkfwr vkSj fofue; ckMs Z ¼,lbZchvkb½Z ls jk; ekaxhA ,lbZchvkbZ us lhbZvkjlh dks fnukad 31 tuojh] 2025 ds vius i= eas] jk; nh fd ohihih, f}i{kh; vkos j n dkmaVj ¼vkVs hlh½ vuqca/k gSa] tk s fd xSj&O;kikj ;kXs ; vkSj xSj&varj.kh; gaSA vr% ;fn ohihih, ;k ,ls s fdlh vkVs hlh vuqca/k dk s xSj&varj.kh; fofufnZ"V fMyhojh ¼,uVh,lMh½ ds :i eas ekuk tkrk gS] rk s çfrHkfwr lafonk fofu;eu vf/kfu;e] 1956 ¼,llhvkj,½ ds mica/k ykx w ugha gksxa ]s vkSj ,ls s vuqca/k lhbZvkjlh ds fofu;ked dk;{Z k=s ds v/khu vk,xa As 1-4 fo|qr e=a ky; ¼,evkis h½ us fnukad 3 ekpZ] 2025 dh lalwpuk }kjk lhbZvkjlh dks fofu;fer bdkb;ks a }kjk vkjlhvks vuqikyu dk s lqdj cukus ds fy, ,uVh,lMh&vk/kkfjr vkVs hlh vuqca/kks a ds :i eas opqZvy fo|qr Ø; djkjkas grs q leqfpr fofu;ked <kpa k rS;kj djus ds fy, vuqjk/s k fd;k gSA 1-5 mi;qZä ds vuqlj.k eas] vkSj dsUæh; fo|rq fofu;ked vk;kxs ¼fo|qr cktkj½ fofu;e] 2021 ds fofu;e 54¼3½ ds v/khu çnÙk 'kfä;kas dk ç;kxs djrs gq,] vk;kxs fuEufyf[kr fn'kkfunsZ'k tkjh djrk gSA 2- 'kh"kZd vkSj ç;ksT;rk 2-1 bu fn'kkfunsZ'kkas dk s ÞopqZvy fo|qr Ø; djkj ds fy, fn'kkfunsZ'kß dgk tk ldrk gSA 2-2 ;s fn'kkfunsZ'k vk;kxs }kjk i`Fkd :i ls ;Fkk vf/klwfpr rkjh[k ls ço`Ùk gksxa s vkSj budh leh{kk le;&le; ij ;k tc Hkh vk;kxs r; djsxk] dh tk,xhA 2-3 ;s fn'kkfunsZ'k mueas ;Fkk ifjHkkf"kr opqZvy fo|rq Ø; djkj ¼ohihih,½ djus okys i{kks a ij ykxw gksxa As 3- fn'kkfunsZ'kksa dk nk;jk 3-1 ;s fn'kkfunsZ'k ohihih, ds fy, lkafof/kd <kaps ds ckjs eas o.kZu djrs gSaA 4- ifjHkk"kk, a 4-1 bu fn'kkfunsZ'kkas eas] tc rd lanHkZ eas vU;Fkk vifs{kr u gk]s d½ Þvk;kxs ß ls fo|qr vf/kfu;e] 2003 dh /kkjk 76 ds v/khu xfBr dsUæh; fo|rq fofu;ked vk;kxs vfHkçsr gSA [k½ ÞmiHkkäs kß dh ifjHkk"kk ogh gksxh tk s le;&le; ij ;Fkk la'kksf/kr fo|qr vf/kfu;e] 2003 eas mfYyf[kr gSA x½ Þukfer miHkksäkß dh ifjHkk"kk ogh gksxh tk s le;&le; ij ;Fkk la'kksf/kr ÅtkZ laj{k.k vf/kfu;e] 2001 es a mfYyf[kr gSA ?k½ Þvksoj n dkmaVj ¼vksVhlh½ vuqca/kß dh ifjHkk"kk ogh gksxh tks fo|qr cktkj fofu;e] 2021 eas mfYyf[kr gSA ³½ Þikoj ,Dlpsta ß dh ifjHkk"kk ogh gkxs h tks fo|qr cktkj fofu;e] 2021 es a mfYyf[kr gSA p½ Þfo|qr cktkj fofu;eß ;k Þih,evkj 2021ß ls le;&le; ij ;Fkk la'kkfs/kr dsUæh; fo|qr fofu;ked vk;kxs ¼fo|qr cktkj½ fofu;e] 2021 ;k mldk dksbZ mÙkjorhZ vf/kfu;eu vfHkçrs gSA N½ Þuohdj.kh; miHkksx ck/;rkß ;k Þvkjlhvksß dk ogh vFkZ gksxk tSlk fd le;&le; ij ;Fkk la'kkfs/kr ÅtkZ laj{k.k vf/kfu;e] 2001 es a ;Fkk ifjHkkf"kr gSA[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 t½ Þuohdj.kh; ÅtkZ çek.ki=ß ;k ÞvkjbZlhß ogh vFkZ gksxk tSlk fd vkjbZlh fofu;eks a ds v/khu ;Fkk ifjHkkf"kr gSA >½ Þuohdj.kh; Ø; ck/;rkß ;k Þvkjihvkßs dk ogh vFkZ gksxk tSlk fd fo|qr vf/kfu;e] 2003 dh /kkjk 86¼1½¼³½ ds mica/kkas ds vuqlkj ;Fkk fofufnZ"V gSA ¥½ ÞvkjbZth,lß dh ifjHkk"kk ogh gksxh tSlk fd dsUæh; fo|qr fofu;ked vk;kxs ¼Hkkjrh; fo|rq fxzM dksM½ fofu;e] 2023 eas mfYyf[kr gSA V½ ÞvkjbZlh fofu;eß ls le;&le; ij ;Fkk la'kkfs /kr dsUæh; fo|rq fofu;ked vk;kxs ¼uohdj.kh; ÅtkZ mRiknu ds fy, uohdj.kh; Åtk Z çek.ki=kas grs q fuca/ku o 'krsaZ½ fofu;e] 2022 ;k mldk dksbZ mÙkjorhZ vf/kfu;eu vfHkçrs gSA B½ ÞO;oLFkkiu dherß ls vkjihvks@vkjlhvk s vuqikyu ds vykok ç;kts ukas ds fy, fo|qr dh fcØh grs q ikoj ,Dlpsta eas ;k fo|rq vf/kfu;e] 2003] ;k ih,evkj 2021 ds v/khu çkf/k—r fdlh vU; ekMs ds ek/;e ls [kkts h xbZ dher vfHkçrs gSA M½ ÞO;kikj vuqKfIr/kkjhß dh ifjHkk"kk ogh gksxh tSlk fd dsUæh; fo|rq fofu;ked vk;kxs ¼O;kikj vuqKfIr çnku djus ds fy, çfØ;k] fuca/ku o 'krsaZ rFkk vU; lac) ekeys½ fofu;e] 2020 eas mfYyf[kr gSA <½ ÞopqZvy fo|qr Ø; djkj ¼ohihih,½ß ls miHkksäk ;k ukfer miHkksäk vkSj vkjbZth,l ds chp dh xbZ ,uVh,lMh vkèkkfjr vkVs hlh vuqcaèk vfHkçrs gS] tgk¡ miHkksäk ;k ukfer miHkksäk djkj dh lEiw.kZ vof/k ds fy, vkjbZth,l dk s ijLij lgefr ls fu/kkZfjr dher ¼ohihih, LVªkbZd dher½ ds Hkqxrku dh xkjaVh nsrk gSA vkjbZth,l fo|rq ,Dlpsta eas ;k fo|qr vf/kfu;e] 2003 ;k ih,evkj 2021 ds v/khu çkf/k—r fdlh vU; eksM ds ek/;e ls fo|qr dh fcØh djsxk] vkSj ,ls h fcØh vkjihvks@vkjlhvk s vuqikyu ds vykok ç;kts uks a ds fy, gksxhA ohihih, LVªkbZd dher vkSj O;oLFkkiu dher ds varj dks vkilh lgefr ds fuca/kukas ds vuqlkj lafonk djus okys ikfVZ;kas ds chp f}i{kh; :i ls O;oLFkkfir fd;k tk,xkA .k½ Þohihih, LVªkbZd dherß ls fo|qr dh og dher vfHkçrs gS ftl ij miHkksäk ;k ukfer miHkksäk vkSj vkjbZth,l ijLij :i ls lger gkrs s gSaA 4-2 ;Fkkiow kZsä ds flok; vkSj tc rd fd lanHkZ ls ;k fo"k;&oLrq es a vU;Fkk vifs{kr u gks] bu ekxZn'kdZ fl)karks a eas ç;qä ,ls s 'kCnkas vkSj vfHkO;fä;kas] tk s bleas ifjHkkf"kr ugha gSa] fdUrq fo|qr vf/kfu;e] 2003] ;k ÅtkZ laj{k.k vf/kfu;e] 2001] ;k mlds v/khu fufeZr vU; fofu;eka s eas ifjHkkf"kr gSa] dk ogh vFkZ gkxs k tk s mä vf/kfu;ekas ;k vU; fofu;ekas eas mUgs a çnku fd;k x;k gSA 5- opqZvy fo|qr Ø; djkj ¼ohihih,½ dk fogxa koykds u 5-1 bu fn'kkfunsZ'kkas ds v/khu vkjbZth,l vkSj miHkksäk ;k ukfer miHkksäk ds chp opqZvy fo|qr Ø; djkj dh fuEufyf[kr vfuok;Z fo'k"s krk, a gkasxh% d½ vkjbtZ h,l }kjk mRikfnr fo|qr dh fcØh] HkkSfrd fMyhojh ds fy, fo|qr vf/kfu;e] 2003] ;k ih,evkj 2021 ds v/khu çkf/k—r fdlh ekMs ds ek/;e ls gksxh( [k½ vkjbZth,l dk s tkjh fd, x, vkjbZlh miHkksäk ;k ukfer miHkkäs k dk s varfjr fd, tk,axs( x½ ohihih,] f}i{kh; vkVs hlh xSj&O;kikj ;ksX; vkSj vuarj.kh; vuqca/k gksxk( vkSj ?k½ ohihih, de ls de 1 ¼,d½ o"kZ dh vof/k ds fy, gksxkA 5-2 miHkksäk ;k ukfer miHkksäk vkjbZth,l ds lkFk vkilh lgefr ls fu/kkZfjr ohihih, LVªkbZd dher ij ohihih, fu"ikfnr dj ldrk gSA 5-3 vkjbZth,l vkilh lgefr ls fu/kkZfjr fuca/kuksa vkSj 'krksZa ds vuqlkj fo|qr vf/kfu;e] 2003] ;k ih,evkj 2021] ds v/khu çkf/k—r fdlh eksM ds ek/;e ls fo|rq dh fcØh djsxk] vkSj ,slh fcØh vkjihvks@vkjlhvk s vuqikyu ds vykok ç;kts ukas ds fy, gksxhA4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 5-4 miHkkäs k ;k ukfer miHkkäs k dk s varfjr fd, x, vkjbZlh O;kikj ds fy, ik= ugh a gkasxsA 6- dk;kZUo;u O;oLFkk 6-1 miHkksäk ;k ukfer miHkksäk] vkjbZth,l ds lkFk vkilh lgefr ls fu/kkZfjr fuca/kuks a vkSj 'krksZa ij vkos j n dkmaVj vuqca/k ds :i eas ohihih, dj ldrk gSA 6-2 vkjbZth,l] dsUæh; fo|qr fofu;ked vk;ksx ¼uohdj.kh; ÅtkZ mRiknu ds fy, uohdj.kh; ÅtkZ çek.ki=kas gsrq fuca/ku o 'krsaZ½ fofu;e] 2022] vkjS mlds la'kk/s kuks a ds vuqlkj iath—r gkasxsA 6-3 vkjbZth,l dks ikoj ,Dlpats ;k fo|qr vf/kfu;e] 2003] ;k ih,evkj 2021 ds v/khu çkf/k—r fdlh vU; eksM ds ek/;e ls fo|rq dh fcØh dh vuqefr gksxh] vkSj ,slh fcØh vkjihvks@vkjlhvk s vuqikyu ds vykok ç;kts uks a ds fy, gksxhA bl çdkj çkIr vkjbZlh dk s miHkksäk ;k ukfer miHkksäk dk s varfjr fd;k tk,xk tk s vkjihvks@vkjlhvk s vuqikyu ds fy, ,ls h vkjbZlh dk mi;kxs dj ldsxkA 6-4 vkjihvks@vkjlhvk s vuqikyu ds fy, ohihih, xSj&O;kikj ;kXs ; vkjS xjS &varj.kh; gksxk] vkSj vuqca/k djus okyh ikfVZ;k¡ vuqca/k dh laiw.kZ vof/k ds fy, vuqca/k fuca/kuks a }kjk ck/; gksxa As LokfeRo ds ifjorZu ds ekeys eas] ohihih, ds v/khu vkjbZth,l ds nkf;Ro ykx w fof/k ds vuqlkj varfjr gksxa As 7- Hkqxrku ds fuca/ku 7-1 vkjbZth,l] fo|rq vf/kfu;e] 2003] ;k ih,evkj 2021 ds v/khu çkf/k—r vU; fdlh eksM ;k ikoj ,Dlpats ds ek/;e ls fo|qr dh fcØh djsxk] vkSj ,ls h fcØh vkjihvks@vkjlhvks vuqikyu ds vykok ç;kts ukas ds fy, gkxs hA ohihih, LVªkbZd dher vkSj O;oLFkkiu dher ds varj dks vkilh lgefr ls fu/kkZfjr fd, x, fuca/kukas vkSj 'krksZa ds vuqlkj vuqca/k djus okyh ikfVZ;kas ds chp f}i{kh; :i ls O;oLFkkfir fd;k tk,xkA 8- uohdj.kh; ÅtkZ çek.ki= 8-1 ohihih, ds ek/;e ls vuqcaf/kr vkjbZth,l {kerk] vkjbZlh fofu;eks a eas fofufnZ"V ik=rk 'krksZa ds vuqlkj iathdj.k djkus ij vkjbZlh tkjh djus ds fy, ik= gksxhA vkjbZth,l] mä vkjbZth,l {kerk ds fdlh Mcy vdkmfaVax ls cpus ds fy, ohihih, ds ek/;e ls vuqcaf/kr {kerk grs q vkjbZlh jftLVªh dks opu i= çLrqr djsxkA 8-2 vkjbZth,l dks tkjh vkjbZlh dk s ml miHkksäk ;k ukfer miHkksäk dk s varfjr fd;k tk,xk ftld s lkFk ,sl s vkjbZth,l dk ohihih, ds v/khu vuqca/k gSA 8-3 miHkksäk ;k ukfer miHkksäk dk s varfjr gksus ds ckn] çek.ki= lekIr gks tk,xa As blds vfrfjä] vkjihvks@vkjlhvk s ds vykok] miHkksäk ;k ukfer miHkksäk ds ØsfMV eas tks çek.ki= gSa] mUgs a vkxkeh o"kkasZ eas vuqikyu ds fy, vkx s ys tk;k tk ldrk gSA ohihih, ds v/khu miHkksäk ;k ukfer miHkksäk ;k vkjbZth,l] vkjbZlh dh çkfIr ds ckjs eas vkjbZlh jftLVªh dk s lwfpr djsxkA dsUæh; ,tsla h] miHkksäk ;k ukfer miHkksäk }kjk vkjihvks@vkjlhvk s ds lkFk vuqikyu ds fy, mi;ksx fd, tkus ds ckn ,ls s çek.ki=kas dk s lekIr djsxh vkSj vius fjd‚MZ v|frr djsxhA 8-4 ohihih, ds v/khu miHkksäk ;k ukfer miHkksäk] vius vkjihvks@vkjlhvk s vuqikyu] ;FkkfLFkfr] dks iwjk djus ds fy, ,ls s çek.ki=kas ds ek/;e ls ik= gkasxAs 9- fookn lek/kku 9-1 ohihih, ls mRiUu gksus okys fookn vuqca/k ds fuca/kuks a ds vuqlkj ikfVZ;kas }kjk vkilh lgefr ls fuiVk, tk,xa As gjçhr flag çqFkh] lfpo [जवज्ञापन-III/4/असा./639/2025-26][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 CENTRAL ELECTRICITY REGULATORY COMMISSION NOTIFICATION New Delhi, the 24th December, 2025 F. No. L-1/257/2020/(PMR-4)/CERC.— Guidelines for Virtual Power Purchase Agreements 1. Introduction 1.1. India has made great strides in the addition of RE capacity towards achieving its ambitious targets of 500 GW of installed capacity from non-fossil fuel sources by 2030. In furtherance of accelerating the addition of RE capacity, the Central Government, in October 2023, under section 14(n) and (x) of the Energy Conservation Act, 2001, in consultation with the Bureau of Energy Efficiency (BEE), has specified the minimum required share of non-fossil energy consumption for Designated Consumers. This includes different consumption requirements of electricity from various non-fossil fuel sources based on the consumer category, such as electricity distribution licensees, open-access consumers, and captive users, with respect to their total electricity consumption. The Renewable Consumption Obligation (RCO) targets can be met directly or through Renewable Energy Certificates (RECs). Any shortfall in achieving specified RCO targets is treated as non-compliance, and penalties are imposed accordingly. 1.2. Based on the study of international practices, it emerges that the Virtual Power Purchase Agreement (VPPA) could be evolved as another instrument to enable the Designated Consumers to meet their RCO targets. 1.3. VPPAs being innovative contracts in terms of nature and structure, the Central Electricity Regulatory Commission (CERC) sought the opinion from the Securities and Exchange Board of India (SEBI) on the regulatory jurisdiction over VPPAs. SEBI, in its letter dated 31st January 2025, to CERC, opined that VPPAs are bilateral Over The Counter (OTC) Contracts, which are non-tradable and non-transferable. Hence, if VPPAs or any such OTC Contracts were to be considered as Non-Transferable Specific Delivery (NTSD), the provisions of the Securities Contracts Regulation Act, 1956 (SCRA) would not apply, and such contracts would come under the regulatory purview of CERC. 1.4. Ministry of Power (MoP), vide communication dated 3rd March 2025, has requested CERC to devise a suitable regulatory framework for Virtual Power Purchase Agreements as NTSD-based OTC Contracts for facilitating RCO compliance by the regulated entities. 1.5. In pursuance of the above, and in the exercise of the powers conferred under Regulation 54(3) of the Central Electricity Regulatory Commission (Power Market) Regulations, 2021, the Commission issues the following Guidelines. 2. TITLE AND APPLICABILITY 2.1. These Guidelines may be called the “Guidelines for Virtual Power Purchase Agreements”. 2.2. These Guidelines shall come into effect from such date as may be notified by the Commission separately and shall be reviewed from time to time or as and when decided by the Commission. 2.3. These Guidelines shall apply to the parties entering into Virtual Power Purchase Agreements (VPPAs) as defined in these Guidelines. 3. SCOPE OF THE GUIDELINES 3.1. These Guidelines seek to describe the statutory framework for VPPAs. 4. DEFINITIONS 4.1. In these Guidelines, unless the context otherwise requires, a) “Commission” means the Central Electricity Regulatory Commission constituted under Section 76 of the Electricity Act, 2003. b) “Consumer” shall be as defined under the Electricity Act, 2003, as amended from time to time. c) “Designated Consumer” shall be as defined under the Energy Conservation Act, 2001, as amended from time to time. d) “Over The Counter (OTC) Contracts” shall be as defined under the Power Market Regulations, 2021. e) “Power Exchange” shall be as defined under the Power Market Regulations, 2021.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] f) “Power Market Regulations” or “PMR 2021” means the Central Electricity Regulatory Commission (Power Market) Regulations, 2021, as amended from time to time or any subsequent enactment thereof. g) “Renewable Consumption Obligation” or “RCO” shall have the same meaning as defined in the Energy Conservation Act, 2001, as amended from time to time. h) “Renewable Energy Certificates” or “RECs” shall have the same meaning as defined under the REC Regulations. i) “Renewable Purchase Obligation” or “RPO” shall have the same meaning as specified in terms of provisions of Section 86(1)(e) of the Electricity Act, 2003. j) “REGS” shall be as defined under the Central Electricity Regulatory Commission (Indian Electricity Grid Code) Regulations, 2023. k) “REC Regulations” means the Central Electricity Regulatory Commission (Terms and Conditions for Renewable Energy Certificates for Renewable Energy Generation) Regulations, 2022, as amended from time to time or any subsequent enactment thereof. l) “Settlement Price” means the price discovered in Power Exchange or through any other mode authorised under the Electricity Act, 2003, or the PMR 2021, for the sale of electricity for purposes other than for RPO/ RCO compliance. m) “Trading Licensee” shall be as defined under the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2020. n) “Virtual Power Purchase Agreement (VPPA)” means the NTSD based OTC Contracts entered into between a Consumer or a Designated Consumer and a REGS, wherein the Consumer or the Designated Consumer guarantees payment of the mutually agreed price (VPPA Strike Price) to the REGS for the entire duration of the agreement. The REGS shall sell electricity in a power exchange or through any other mode authorised under the Electricity Act, 2003, or the PMR 2021, and such sale shall be for purposes other than for RPO/ RCO compliance. The difference between the VPPA Strike Price and the Settlement Price shall be settled bilaterally between the contracting parties as per mutually agreed terms. o) “VPPA Strike Price” means the price of electricity as mutually agreed between a Consumer or a Designated Consumer and a REGS. 4.2. Save as aforesaid and unless repugnant to the context or if the subject matter otherwise requires, words and expressions used in these Guidelines and not defined, but defined in the Electricity Act, 2003, or the Energy Conservation Act, 2001, or other regulations made thereunder shall have the meaning assigned to them in the said Acts or other regulations. 5. OVERVIEW OF VIRTUAL POWER PURCHASE AGREEMENT (VPPA) 5.1. The Virtual Power Purchase Agreement (VPPA) between a REGS and a Consumer or a Designated Consumer under these Guidelines shall have the following essential features: a) The electricity generated by REGS shall be sold through any mode authorised under the Electricity Act, 2003, or the PMR 2021 for physical delivery; b) RECs issued to REGS shall be transferred to the Consumer or the Designated Consumer; c) The VPPA shall be a bilateral OTC non-tradable and non-transferrable contract; and d) The VPPA shall have a duration of at least 1 (one) year. 5.2. Consumer or Designated Consumer may execute VPPA with REGS at a mutually agreed VPPA Strike Price. 5.3. The REGS shall sell electricity through any mode authorised under the Electricity Act, 2003, or the PMR 2021, as per mutually agreed terms and conditions, and such sale shall be for purposes other than for RPO/ RCO compliance. 5.4. RECs transferred to the Consumer or Designated Consumer shall not be eligible for trading.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7 6. IMPLEMENTATION ARRANGEMENT 6.1. A Consumer or a Designated Consumer may enter into a VPPA with a REGS as an Over The Counter Contract, on mutually agreed terms and conditions. 6.2. The REGS shall be registered in accordance with the Central Electricity Regulatory Commission (Terms and Conditions for Renewable Energy Certificates for Renewable Energy Generation) Regulations, 2022, or amendments thereof. 6.3. REGS shall be allowed to sell the electricity component through power exchange or any other mode authorised under the Electricity Act, 2003, or the PMR 2021, and such sale shall be for purposes other than for RPO/ RCO compliance. The RECs received thereby shall be transferred to the Consumer or Designated Consumer who can use such RECs for RPO/ RCO compliance. 6.4. The VPPA for RPO/ RCO compliance shall be non-tradable and non-transferable, and the contracting parties shall be bound by the contract terms for the entire period of the contract. In case of a change of ownership, the responsibilities of REGS under the VPPA shall be transferred, as per applicable laws. 7. PAYMENT TERMS 7.1. The REGS shall sell electricity through power exchange or any other mode authorised under the Electricity Act, 2003, or the PMR 2021, and such sale shall be for purposes other than for RPO/ RCO compliance. The difference between the VPPA Strike Price and the Settlement Price shall be settled bilaterally between the contracting parties in accordance with mutually agreed terms and conditions. 8. RENEWABLE ENERGY CERTIFICATES 8.1. The REGS capacity contracted through VPPA shall be eligible for issuance of RECs upon registering in accordance with and in terms of the eligibility conditions specified in the REC Regulations. The REGS shall submit an undertaking for capacity contracted through VPPA to the REC Registry to avoid any double accounting of the said REGS capacity. 8.2. RECs issued to the REGS shall be transferred to the Consumer or the Designated Consumer with whom such REGS has a contract under VPPA. 8.3. The Certificates, once transferred to the Consumer or the Designated Consumer, shall stand extinguished. Further, Certificates to the credit of the Consumer or the Designated Consumer, over and above the RPO/ RCO, can be carried forward for compliance in future years. The Consumer or Designated Consumer or REGS under VPPA shall communicate to the REC Registry the receipt of RECs. The Central Agency shall extinguish such Certificates after they are used for compliance with the RPO/ RCO by the Consumer or the Designated Consumer and shall update its records. 8.4. The Consumer or the Designated Consumer under the VPPA shall be eligible to meet their RPO/ RCO compliance, as the case may be, by way of such Certificates. 9. DISPUTE RESOLUTION 9.1. Any disputes arising out of VPPA shall be mutually settled by the parties as per the terms of the contract. HARPREET SINGH PRUTHI, Secy. [ADVT.-III/4/Exty./639/2025-26] 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.