The companies must show they secured funding on or before July 9, said Anil Kumar Agrawal, chief executive officer of NTPC Vidyut Vyapar Nigam Ltd., or NVVN, the state-run power trader that’s overseeing the solar program.
“Those deadlines are sacrosanct,” Agrawal said by telephone from New Delhi. “There will not be any extension.”
According to auction rules, developers that don’t arrange funding in time must forfeit their permits and bank guarantees they have posted to back their bids. Guarantees are valued between 91.5 million rupees ($2.1 million) and 1.8 billion rupees, the rules show.
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