ISLAMABAD - Amid holding Alternative Energy Development Board responsible for the delays, National Electric Power regulatory Authority has extended the deadline for financial close of projects started under upfront solar tariff for next nine months.

The Authority in its decision stated that the purpose of announcement of the upfront tariff was to reduce the time in processing and implementing of the project and availability of the much-needed electricity in the shortest period of time. Nepra observed that due to delays from the AEDB the purpose has been defeated.

In order to meet energy crunch in the country, the upfront solar tariff was announced for a total capacity of 50 MW for projects ranging IMW-10MW. Six companies with total capacity of 47.5 MW were awarded the upfront solar tariff.

These companies are Access Solar (Private) Limited, Access Electric (Private) Limited, Sanjwal Solar Power (Private) Limited, Safe Solar Power (Private) Limited,  Bukhsh Solar (Private) Limited and Blue Star Hydro (Pvt) Limited.

Some companies requested that due to delays by AEDB in issuing LOI, they were unable to complete the process within due time. The authority in its decision raised questions regarding in efficiency of the AEDB in completing tasks within timeframe. It further said that despite clear directions to AEDB to finalise the EPA within 45 days of the announcement of solar FIT, but it was not completed despite expiry of the timeframe.

The new date for financial close has been extended to 31 December 2015. The previous deadline for the financial close was 31 March 2015.