The Central Electricity Regulatory Commission (CERC) has disposed of an interlocutory application filed by SBSR Power Cleantech Eleven Private Limited, now known as Adani Solar Jaisalmer Two Private Limited, in a matter related to the replacement of a Performance Bank Guarantee (PBG). The company had approached the Commission seeking directions to the Solar Energy Corporation of India Limited (SECI) to accept a new bank guarantee in place of an existing one.

The issue arose from a Power Purchase Agreement (PPA) dated August 20, 2019, between the petitioner and SECI. As part of the contractual obligations, the petitioner had submitted a PBG issued by the Bank of Baroda. Later, after restructuring its financial arrangements, the company decided to replace the existing guarantee with a new PBG issued by Canara Bank.

In September 2025, the petitioner formally requested SECI to accept the new bank guarantee and allow the replacement of the earlier one. However, SECI informed the petitioner that it was facing difficulty in processing the request because the main petition between the parties was already pending before the Commission and had been reserved for orders. The main petition was related to issues of liquidated damages and the return of bank guarantees.

During a hearing held on February 12, 2026, the petitioner submitted that the original Bank of Baroda guarantee was due to expire on February 15, 2026. The company argued that since the final order in the main petition had not yet been issued, the replacement of the PBG was necessary to ensure continued financial security and compliance with the contractual terms.

The Commission observed during the proceedings that the final order in the main petition was scheduled to be issued before the expiry date of the existing guarantee. After this clarification, the petitioner informed the Commission that it did not wish to press the reliefs sought in the interlocutory application.

Subsequently, the Commission passed a common order in the main petitions on February 12, 2026. In view of this development, it held that the grounds raised in the interlocutory application no longer survived. The application was therefore disposed of accordingly.