India RE Navigator
The Indian government has issued a new scheme for central public sector companies with a target of 12,000 MW grid connected solar PV capacity by FY 2023. The scheme has a total viability gap funding (VGF) outlay of INR 85.80 billion.
| Key highlights | Any government department, company or enterprise setting up solar project for captive use would be eligible for assistance under this scheme. |
| Maximum permissible VGF: INR 5.5 million/ MW (50% on award of EPC contract and remaining on commissioning of the project) | |
| Government producers can either set up projects independently or through distribution companies (DISCOMs). | |
| Implementing agency: Indian Renewable Energy Development Agency (IREDA) | |
| Total VGF support available: INR 85.80 billion (available as equity capital) | |
| Use of domestically manufactured solar cells and modules is mandatory. | |
| Power needs to be consumed by government or PSU entities. | |
| Power sale price: INR 2.45/ kWh exclusive of any other third-party charge such as wheeling, transmission charges and losses | |
| Project commissioning timeline: 30 months | |
| Government can allocate up to 50 MW capacity to a government entity without any auction at L1 rate of previous auction. |
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