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Rs. 1.151 billion utilized for a 25 MW Tamil Nadu solar project faces delays
30-Jul-2026, 09:10
Funds earmarked for a 25 MW solar power project in Tamil Nadu have seen a delayed implementation, with Rs. 11,515.93 lakh (approximately Rs. 1.151 billion) of the initially planned Rs. 14,350 lakh (Rs. 1.435 billion) utilized as of June 30, 2026, leaving Rs. 2,834.07 lakh (Rs. 283.407 million) in fixed deposits with ICICI Bank. The company altered its strategy to employ multiple EPC contractors and locations to avoid further delays, resulting in a 7 MW project being commissioned in December 2025 and a contract awarded for an additional 17.6 MW project to Remon Solutions Private Limited. A Monitoring Agency, Crisil Ratings Limited, oversees the fund deployment and has issued a report, noting the shift in strategy and referencing a clause in the original offer document allowing for the use of unutilized funds in subsequent years. The report includes extensive disclaimers emphasizing reliance on company-provided information and the agency’s limited role.
Funds earmarked for a 25 MW solar power project in Tamil Nadu have seen a delayed implementation, with Rs. 11,515.93 lakh (approximately Rs. 1.151 billion) of the initially planned Rs. 14,350 lakh (Rs. 1.435 billion) utilized as of June 30, 2026, leaving Rs. 2,834.07 lakh (Rs. 283.407 million) in fixed deposits with ICICI Bank. The company altered its strategy to employ multiple EPC contractors and locations to avoid further delays, resulting in a 7 MW project being commissioned in December 2025 and a contract awarded for an additional 17.6 MW project to Remon Solutions Private Limited. A Monitoring Agency, Crisil Ratings Limited, oversees the fund deployment and has issued a report, noting the shift in strategy and referencing a clause in the original offer document allowing for the use of unutilized funds in subsequent years. The report includes extensive disclaimers emphasizing reliance on company-provided information and the agency’s limited role.