21 lakh renewable energy certificates lie unsold with project developers
Renewable energy projects — once lucrative enough to attract even alcohol makers and farm traders — are feeling the heat as a key attraction, the market for green certificates issued to developers, has collapsed alarmingly, casting a shadow on India’s ambitious plan for solar, wind and small hydro projects.
Until a year ago, it seemed a seller’s market in state-promoted Renewable Energy Certificates (REC) as power distribution companies in states were asked to buy 5%- 10% of their electricity from renewable sources or buy RECs instead. Project developers are granted one certificate for every 1,000 units of electricity generated from renewable sources.