Reliance Power, a subsidiary of the Reliance Group, has announced its intention to challenge a three-year ban imposed by the state-owned Solar Energy Corporation of India Limited (SECI) from participating in its clean energy project tenders. SECI’s decision follows claims that Reliance Power, a coal-based power producer, submitted a fake bank guarantee for its bid. However, Reliance Power has strongly denied these allegations, stating it is the victim of fraud.
In a statement, Reliance Power said, “The company and its subsidiaries acted in good faith and have been victims of a fraud, forgery, and conspiracy.”
Reliance Power, led by Anil Ambani, the younger brother of billionaire Mukesh Ambani, explained that it has filed a complaint with the Economic Offenses Wing of the Delhi Police against the third-party entity responsible for arranging the fraudulent bank guarantee. The ban is seen as a significant setback for Reliance Power as it seeks to expand its footprint in both the domestic and international renewable energy markets.
India is aiming to install 500 gigawatts (GW) of renewable energy by 2030 as part of its commitment to achieving net-zero emissions by 2070. The country’s current renewable energy capacity stands at around 154 GW. However, India’s green energy push remains less aggressive than China’s, and coal will likely remain a key part of India’s energy mix for years to come.
Two years ago, India’s Coal Minister Pralhad Joshi emphasized that coal would continue to play a major role in India’s energy sector until at least 2040. He described coal as an affordable energy source, with demand still rising in India.
“No transition away from coal is expected in the foreseeable future in India,” Joshi said, adding that the fuel would remain critical beyond 2040.
This statement comes amid growing global calls for cleaner energy sources, especially at the COP27 climate summit in Egypt, where U.N. Secretary-General António Guterres urged nations to phase out coal by 2040 to curb emissions.
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