ReNew Power slapped with Rs 119-million fine for delay in MP solar project

The Supreme Court has, however, set aside the termination of the contract by the Madhya Pradesh government

The Supreme Court has slapped a penalty of Rs 119 million on Gurugram-headquartered renewable energy company ReNew Power for delaying the commissioning of a 51-megawatt (Mw) solar power project in Madhya Pradesh by more than 210 days. The court, however, set aside the cancellation of the power purchase agreement (PPA), which the state government had initiated.

The case pertains to the 51-Mw project, which the Goldman Sachs-backed green energy producer had won in a competitive bidding process in 2015 at a tariff of Rs 5.45 per unit. The bidding was for power projects of 300 Mw. The remaining 249 Mw was