Section 8(2) in Himachal Pradesh Electricity Regulatory Commission (Promotion of Generation from the Renewable Energy Sources and Terms and Conditions for Tariff Determination) Regulations, 2017
(2)In the event of their arriving at a mutual understanding on various issues of the power purchase agreement, including the tariff option under regulation 13, the parties shall file a joint petition before the Commission for approval of the proposed power purchase agreement and shall execute the requisite power purchase agreement after approval of the Commission:[Provided that if the parties have arrived at a mutual understanding on the various issues of the power purchase agreement, as aforesaid, and the renewable energy generator requires in principle approval for purchase of power by the distribution licensee to achieve the Zero Date or financial closure, the distribution licensee may, in first instance, grant such approval within the framework of State Hydro Policy of the State Government, subject to the following conditions, namely:-(a)such an approval shall also incorporate the outer date upto which it shall remain valid, which shall be fixed keeping in view the status and progress of the project towards achieving financial closure, but shall in no case, extend beyond the time line for achieving zero date/financial closure as stipulated in the first implementation agreement for that project;(b)the in principle approval so granted shall automatically lapse if the developer fails to file joint petition for approval of the PPA within such outer date, unless the Commission grants extension of the validity period in accordance with the succeeding clause(c); and(c)in case the renewable energy developer seeks any extension of the validity period of the in principle approval accorded to him as per the above provisions, he may, before the expiry of the validity period, file a petition before the Commission for such extension upto an outer date of his achieving zero date or financial closure:Provided further that the distribution licensee shall expeditiously fix such outer dates in all such cases where any such in principle approvals for purchase of power from SHPs have already been issued under the State Hydro Policy on or before 11-02-2019 and shall also modify such approvals suitably.] [Substituted by Notification No. No. HPERC/428, dated 28.1.2019.]
