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PFC clears Andhra Pradesh discoms’ dues of nearly Rs 600 cr

Friday, 17 Jul 2020
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The pending dues of Andhra Pradesh discoms, of around Rs 600 crore to various renewable energy developers, have been cleared directly by the Power Finance Corporation (PFC) up to March 2020.

The dues had begun to accumulate with the Andhra Pradesh government stopping payments to the developers.

However, Andhra Pradesh High Court in December 2019 directed that all their pending dues should be paid, even setting the tariff at which the payments should be made. Accordingly, in March 2020, Andhra Pradesh discoms made part payment of around Rs 600 crore to the developers.

The discoms, which also owe a much larger amount to conventional power developers, sought loans from PFC and the Rural Electrification Corporation (REC) to pay off their entire debt.

With the Andhra Pradesh government standing guarantee for the loan, PFC and REC have agreed to provide it under the Atmanirbhar Bharat Abhiyan Scheme announced by Prime Minister Narendra Modi to help industry combat the COVID-19 crisis.

However, their provision has been that the payments will be made directly to the concerned developers, without being routed through the discoms. Accordingly, PFC has paid Rs 600 crore worth of renewable energy developers’ dues.

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