Picture: Lightsource BP.
Photo voltaic initiatives in India with energy buy agreements signed previous to 1 August 2020 shall be exempt from steeper customs duties on Chinese language element imports, the nation’s energy minister has confirmed.
India’s Economic Times reports energy minister RK Singh as having addressed renewable builders within the nation yesterday to tell them that so long as PPAs are signed earlier than the date the brand new Fundamental Customized Responsibility (BCD) comes into pressure, these initiatives shall be grandfathered into the prevailing association and subsequently exempt from paying it.
Final week India’s authorities confirmed plans to switch the expiring safeguard responsibility of 15% with a brand new, BCD set at between 15 and 20% for photo voltaic cells, modules and inverters. It later confirmed that these duties would rise to between 30 – 40% subsequent 12 months, an escalation of makes an attempt to stimulate India’s home photo voltaic manufacturing sector.
Whereas the potential for such measures to realize that goal has been questioned – India’s home photo voltaic manufacturing capability is restricted compared to the nation’s lofty photo voltaic deployment targets – information of an exemption for already-backed initiatives shall be welcome information to builders lively within the area.
The exemption would want approval from India’s Division of Income, nevertheless RK Singh is alleged to have confirmed that if this was not forthcoming, India’s Ministry of New and Renewable Power, which Singh additionally heads, would enable builders to say reimbursements for duties paid.
The announcement got here on the identical day that Photo voltaic Power Company of India (SECI) confirmed record-low bids inside its newest tender, which awarded undertaking rights to seven builders in whole. Spain’s Solarpack came in the cheapest at INR2.36/kWh, equal to round €28/MWh.
RK Singh welcomed the information on Twitter, arguing that it showcased the nation as a sexy funding vacation spot.
Heartening to notice that majority of the winners are international corporations, in true spirit of Spend money on India name by Hon’ble @PMOIndia.
This showcases India as a sexy funding vacation spot.
— R. Okay. Singh (@RajKSinghIndia) June 30, 2020
— to www.pv-tech.org