Punjab plans to rework solar power contracts with renewable power producers

State discom Punjab State Power Corporation Limited (PSPCL) has reportedly written to all major solar and cogeneration power plant developers, seeking a discount bin tariffs.

The Punjab government is reportedly planning to renegotiate the contracts with the developers, including Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) backed Azure Power Global Limited, on account of low interest rates and a financial crunch exacerbated by the coronavirus pandemic. CDPQ is a majority shareholder in Azure Power with 50.9 per cent stake. Azure Power has a pan-India portfolio of over 7 GW.