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Vgf Securitization Agreement
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The Solar Energy Corporation of Indian (SECI) yesterday published the standard PPA and VGF securitisation agreement. The developers were waiting for the VGF securitization agreement, as the conditions set out therein would affect the banking capacity of the projects. Among the strengths of the securitisation agreement and the ECA are the project agreements that must also follow best practices that guarantee the value for money of public funds. Lead financial institutions should regularly monitor and evaluate the disbursement of grants. The objective of the creation of the Fund was to avoid operational difficulties related to the large capacities of electricity capture contracts (ECA) and to build the confidence of project promoters and financial institutions that invest in them. The amount of the Payment Guarantee Facility was achieved through the receipt of developer bank guarantees and/or discounts for advance payments by SECI. SECI will open a separate flexi bank account to create and operate the fund. It will also be the responsibility to make payments within the deadlines set out in the electricity acceptance contract. During the implementation of Phase II of JNNSM, the government set up a VGF mechanism in which solar project developers are selected through a transparent competitive process in order to provide electricity at a predetermined rate. The first VGF project with a capacity of 750 MW has already been implemented. Last August, the ministry implemented a second program for the implementation of 2000 MW of solar photovoltaic projects coupled to the grid. Another 5000 MW regime by VGF extraction was approved last February.
(READ ALSO: Rajasthan approves solar power projects worth Rs.1.56 lakh crore) The Fund will also cover delays/defaults in payments to SECI made by companies (discoms/utilities/large consumers) to ensure timely payment to developers. It will assist secI in fulfilling the financial implications arising from regulatory, policy/legal/evacuation/open access requirements that are not foreseen at the time of systems approval, as well as in the event of difficulties related to the implementation of an electricity capture contract or an electricity services or VGF securitisation contract. (READ ALSO: Fortum invests up to 400 million euros in India`s solar projects) Read also – Assams Tezpur University goes Green, Use solar energy to produce 90,000 kW of electricity each month According to MNRE guidelines published in 2016, it was necessary to set up a mechanism with a subsidy of up to ₹5 billion (₹69 million) to ensure timely payments for energy produced to project promoters. . . .