Credit rating agency ICRA says the scheme for procurement of wind energy through auction is a positive for the sector but receivables (payment delays by discoms) remain an area of concern. “In ICRA’s view, continuing delays in the payments by the state-owned distribution utilities (discoms) in key states such as Maharashtra and Rajasthan pose a challenge for the wind energy sector, although some improvement has been seen lately,” ICRA said.
On the positive side, however, ICRA believes that the MNRE scheme for procurement of 1 gw via the auction route would facilitate the offtake for wind energy players, it added. “While there has been some improvement in payment pattern by utilities in Rajasthan, with the implementation of UDAY as well as by the utility in Maharashtra in the last 3 months, a build-up in receivable position is seen, which varies from 8 to 12 months as on November 2016 and thus remains quite significant,” says ICRA Ratings Senior VP Sabyasachi Majumdar.