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© Nishith Desai Associates 2025 www.nishithdesai.com MUMBAI SILICON VALLEY BENGALURU SINGAPORE NEW DELHI NEW YORK GIFT CITYResearchEnergizing the FutureExploring the Legal, Regulatory, and Financial Dimensions of the Renewable Energy SectorMarch 2025© Nishith Desai Associates 2025concierge@nishithdesai.com© Nishith Desai Associates 2025www.nishithdesai.comResearchEnergizing the FutureExploring the Legal, Regulatory, and Financial Dimensions of the Renewable Energy SectorMarch 2025DMS Code: 119829.2© Nishith Desai Associates 2025concierge@nishithdesai.com© Nishith Desai Associates 2025www.nishithdesai.comRanked as the ‘Most Innovative Indian Law Firm’ in the prestigious FT Innovative Lawyers Asia Pacific Awards for multiple years. Also ranked amongst the ‘Most Innovative Asia Pacific Law Firm’ in these elite Financial Times Innovation rankings. Energizing the Future — Exploring the Legal, Regulatory, and Financial Dimensions of the Renewable Energy Sector © Nishith Desai Associates 2025Provided upon request onlyDisclaimerThis report is a copyright of Nishith Desai Associates. No reader should act on the basis of any statement contained herein without seeking professional advice. The authors and the firm expressly disclaim all and any liability to any person who has read this report, or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this report.ContactFor any help or assistance please email us on concierge@nishithdesai.com or visit us at www.nishithdesai.com.AcknowledgementsPalomita Sharmapalomita.sharma@nishithdesai.comSach Chabriasach.chabria@nishithdesai.com Energizing the Future — Exploring the Legal, Regulatory, and Financial Dimensions of the Renewable Energy Sector © Nishith Desai Associates 2022Provided upon request onlyContentsGlossary 1Introduction 3Evolution of the Framework Governing the Power Sector 4The Electricity Act, 2003 5I. Regulatory Players 5II. Tariff Determination 5III. Unbundling 8IV. Generation 9V. Transmission 11VI. Distribution 13VII. Intermediary Procurers or Trading Licensees 14Other Government Initiatives 16I. Electricity (Amendment) Bill 2022 16II. National Electricity Policy and Plan 17III. Ujwal Discom Assurance Yojana (“Uday”) 18IV. Rural Electrification Policy, 2006 19V. Integrated Energy Policy, 2006 19VI. Must-Run Status 20VII. Renewable Purchase Obligation (RPO) 20 Energizing the Future — Exploring the Legal, Regulatory, and Financial Dimensions of the Renewable Energy Sector © Nishith Desai Associates 2025Provided upon request onlyTypes of RE 21I. Solar Power 21II. Hydro Power 23III. Wind Power 25IV. Biomass Power 27V. Geothermal Power 29VI. Tidal Power 31VII. Nuclear Power 33Other RE Initiatives 36International Treaties and Agreements 39Existing Challenges 43Capital Trends in the RE Sector 47Conclusion 49 Energizing the Future — Exploring the Legal