The Ministry of New and Renewable Energy (MNRE) has issued an order stating that any renewable energy project not completed by its scheduled date of completion will result in the developer being blacklisted and their bank guarantee encashed.
The blacklisting will be for a period of three to five years. This is the first time the government has taken action against renewable energy developers for delays in project completion. Notably, blacklisting and encashing bank guarantees are in accordance with the government’s general financial rules and apply to all tenders and bids.