MoP notifies mechanism for release of bank guarantee for mega power projects

The MoP has notified the mechanism for the release of proportionate bank guarantee/fixed deposit receipts for provisional mega power projects. This is in line with the revised Mega Power Policy announced by the Cabinet Committee on Economic Affairs in May 2017. The mechanism entails a four-stage process including the receipt of application by the MoP, checking eligibility and incorporating recommendations by the Central Electricity Authority, issuing mega power certificate by the MoP, and release of the receipts by the Department of Revenue.