Solar Project: CEB Seizes Rs181 Million from Corexsolar

A security bond of Rs 181 million has officially been seized from Corexsolar at CEB’s request. The bond was paid in 2023 under the contract for developing a solar farm in Rivière-du-Rempart.

This bond, which served as a guarantee for the project’s completion, was due to expire on June 16. Two years after signing the agreement, the project has yet to start.

It is facing delays in obtaining the necessary permits, and no infrastructure has been built so far.

Due to this inaction, and following contractual provisions, the CEB activated the clause to requisition the security bond.

This move was expected for several months, as internal reports indicated the CEB’s growing frustration over the lack of progress on the ground.

Source: Defi Media