POWERGRID records PAT of Rs 15,573 crores (See 'Corp Brief') Companies Act - Petitioner is liable to be tried as petitioner under garb of petition is trying to get proceedings quashed although on different grounds : HC (See 'Legal Desk') PMLA - For import advance taken but not repaid, property of accued is rightly attached as it is covered within definition of Proceeds of crime u/s 2(1)(u) of PMLA : TRIBUNAL (See 'Legal Desk') Drugs and Cosmetics Act - In absence of necessary averments prosecution against Directors of company cannot be permitted to continue : HC (See 'Legal Desk') IICA, MCA hold inter-ministerial workshop on 'Responsible Business Conduct in India' (See 'Corp Brief') IBC - No writ petition is maintainable challenging interim orders of Arbitral Tribunal and same can be challenged only in Section 34 proceedings : HC (See 'Legal Desk') NTPC gets global recognition for Talent Development (See 'Corp Brief') PMLA Act - Since warrant has been issued by Court but applicant is not appearing therefore not entitled to anticipatory bail : HC (See 'Legal Desk') Competition Act - Once buyer purchases product from seller at given price, it cannot insist to avail benefit of any future discount which may be offered on such product by seller : CCI (See 'Legal Desk') ULIP workshop brings States together to enhance India's Logistics (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage ought to be transferred to NCLT : HC (See 'Legal Desk') AG Venkataramani addresses Annual Day commemoration of Competition Commission of India (See 'Corp Brief') Arbitration Act - Court does not have jurisdiction to entertain petition in absense of exclusive jurisdiction clause or otherwise as seat of arbitration is at place where arbitration is conducted : HC (See 'Legal Desk') Land Acquisition Act - Acquisition of land has been made contrary to purposes for which it can be acquired under Land Acquisition Act, 1894 : HC (See 'Legal Desk') DoT trained 350 in month-long 5G course (See 'Corp Brief') PMLA - If accused appears before Special Court pursuant to summons, he shall not be treated as if he is in custody and it is not necessary for him to apply for bail : SC (See 'Legal Desk') Constitution of India - Action of refusing to forward petitioner's application for deputation as also denial of NOC to join respondent as Executive Director is arbitrary : HC (See 'Legal Desk') NTIPRIT conducts workshop on 'Global Standards & IPR' (See 'Corp Brief') SARFAESI Act - No civil court can exercise jurisdiction to entertain any suit or proceeding in respect of any matter which DRT or DRAT is empowered by or under Act : HC (See 'Legal Desk') Copyright Act - Impugned Copyright is evidently a substantial reproduction of the Petitioner's copyrighted work, bordering on a colourable imitation : HC (See 'Legal Desk') MP Tourism to set up Museum in Bhopal (See 'Corp Brief') FERA - Appellant can not be absolved merely on basis of his denial about arranging foreign exchange transaction overseas when seized documents and explanation offered by concerned persons estabish his involvement : Tribunal (See 'Legal Desk') PMLA - Application seeking interim bail on ground of surgery of wife can be disposed of as date of surgery has not yet been fixed : HC (See 'Legal Desk') Arbitration Act - Ad-interim injunction can be granted and Respondents be restrained from taking any action which would result in disruption in credit card services through use of licensed software : HC (See 'Legal Desk') Adani Energy completes acquisition of Essar's Mahan-Sipat Transmission assets (See 'Corp Brief') Arbitration - Since settlement has not worked out Court decided to refer matter to arbitration : HC (See 'Legal Desk') SEBI Act - Considering receipt of settlement amount by SEBI and fulfilment of non-monetary term of settlement, adjudication proceedings initiated against Applicant can be disposed of : SEBI (See 'Legal Desk') PMLA Act -Without discussion as to how property is involved in money laundering conclusions recorded by Adjudicating Authority cannot sustain : Tribunal (See 'Legal Desk') Power Finance Corporation announces Highest Annual Profit (See 'Corp Brief') SAFEMA - Appellant have furnished evidence which show satisfactorily that they took all reasonable steps to realise export proceeds : Tribunal (See 'Legal Desk') Companies Act - Winding up petition can be dismissed when contentions raised by parties constitute triable issues as Company Court cannot enter into adjudication of disputed facts of amount due and payable : HC (See 'Legal Desk') Competition Act - In absence of any apparent anti-competitive conduct, decision of purchase or sale of product and quantity thereof is driven by commercial considerations of market players : CCI (See 'Legal Desk')

Govt has taken initiatives to incentivise investment in renewable energy

Published: Feb 04, 2023

By TIOLCorplaws News Service

NEW DELHI, FEB 04, 2023: THE Government has taken following measures to incentivise investment by private sector in the  field of renewable energy including solar energy in the country:

- Permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route,

- Waiver of Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by 30th June 2025,

- Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30,

- Setting up of Ultra Mega Renewable Energy Parks to provide land and transmission to RE developers for installation of RE projects at large scale,

- Schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase II, 12000 MW CPSU Scheme Phase II, etc,

- Laying of new transmission lines and creating new sub-station capacity under the Green Energy Corridor Scheme for evacuation of renewable power,

- Notification of standards for deployment of solar photovoltaic system/devices,

- Setting up of Project Development Cell for attracting and facilitating investments,

- Standard Bidding Guidelines for tariff based competitive bidding process for procurement of Power from Grid Connected Solar PV and Wind Projects.

- Government has issued orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators.

- Notification of Promoting Renewable Energy through Green Energy Open Access Rules 2022.

- Notification of "The electricity (Late Payment Surcharge and related matters) Rules (LPS rules).

- Launch of Green Term Ahead Market (GTAM) to facilitate sale of Renewable Energy Power through exchanges.

- National Green Hydrogen Mission approved with an aim to make India a Global Hub for production, utilization and export of Green Hydrogen and its derivatives.

With a normative cost of Rs. 4 Crore per MW for solar installation, it is estimated that an investment of around Rs. 2, 53,210 Crore has been made on installation of 63302.47 MW capacity solar projects in the country.

Since the tariff of electricity generated from solar energy has come down to as low as Rs. 1.99 per kWh, much lower than new thermal or hydro based power generation systems, solar power projects are commercially viable.

This information was given by R.K Singh, Union Minister for Power and New and Renewable Energy in a written reply in Lok Sabha yesterday.

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