Instruction to Government Lenders to Provide a $ 1 Billion Loan to DISCOMs

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Tuesday, November 26, 2019, Tuesday

Government creditors are being informed by government lenders to raise money to pay the outstanding dues to green energy companies that produce green renewables. According to one estimate, DISCOMs owe $ 1 billion to renewable energy production companies.

Paying this amount could put a stop to further investment in the stagnant energy sector, government sources said. Discoms have to pay Rs 1 crore ($ 8 billion) to solar power wind power makers, citing data from the Central Electricity Authority, sources said.

Electricity companies have to pay more than a hundred per cent to the discos of Andhra Pradesh. Government of Andhra Pradesh has begun renewing power purchase agreements with power companies. The government is insisting that renewable electricity prices are high. If so, the financial position of the power companies may be impaired.

Power companies such as power finance corporations financing the power sector. Ltd., REC Ltd. The government has instructed the IREDA to provide loans to discos at concessional rates, sources said.

Banks have been avoiding lending money to them due to the large amount of money being withdrawn from the discos. The government wants to increase the cash flow of electricity generation companies, especially the renewable electricity generation companies. So that investors will not hesitate to create new projects in this area.

With the slowdown of foreign investors in the renewable energy sector in the country, challenges are being raised against achieving the targets of increasing renewable energy.

In renewables, India intends to bring renewable energy, especially wind and solar power generation capacity to 4 GW of renewables. Andhra Pradesh Discoms is yet to pay Rs 5 crore to renewable energy production companies, the sources added.

As electricity rates continue to fall below the electricity purchase agreements for new power projects, DISCOMs are insisting on reducing rates under their old contracts.

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