NEW DELHI- The
Andhra Pradesh high court has stayed the state government's July 1 order seeking renegotiation of all
renewable energy power supply contracts.
The order has been stayed for four weeks and the next date for hearing has been fixed at August 22, a source said.
Several renewable power producers including
Acme Solar,
Renew Power,
Greenko Holdings and Mytrah Energy this week challenged the Andhra Pradesh government move to renegotiate power purchase agreements (PPAs).
The
state's move to review and bring down purchase cost of wind and solar energy could aggravate the problem of delayed payments from distribution companies and stress 5.2 GW of
renewable projects with estimated debt exposure of over
Rs 21,000
crore,
Crisil Ratings said in a statement on Tuesday.
Nearly half of this capacity is at higher risk of default since they lack liquidity support beyond project level, it said.