Nov. 10 (Bloomberg) -- A third of solar power projects awarded by India in its first national auction may miss their January deadline for completion, an official at a state-run lender that’s helping to fund the program said today.
Of the 35 photovoltaic plants due to be finished in the first major round of India’s national Solar Mission program, about 12 are unlikely to make it, K.S. Popli, director at the Indian Renewable Energy Development Agency, said today in an interview in Hyderabad. He declined to name the companies that wouldn’t meet the deadline.
Companies that don’t complete on time will face fines and have their power purchase agreements canceled, Bharat Bhargava, director at the Ministry of New and Renewable Energy, told a conference yesterday. Without the agreements, projects lose preferential rates and a guaranteed buyer for their power.
Among those building projects under the current round are Indian Oil Corp., a unit of Mahindra & Mahindra Ltd., and a unit of U.S.-based MEMC Electronic Materials Inc.
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