Indian RE developers explore invoking force majeure on rare earth supply issues

News Snapshot:

New Delhi: Indian green energy developers and manufacturers are exploring invoking force majeure on meeting project completion deadlines because of rare earth and rare earth magnet supply disruptions from China, said three people in the know of the developments. The supply crunch is also likely to increase solar and wind tariffs on power from upcoming renewable projects in the country, they said. A force majeure clause in contracts allows parties to be excused from contractual obligations in case of an extraordinary situation that makes it impossible or impractical to fulfil the commitment as per the contract. Given that India’s renewable...