Reliance Power will challenge the ban of India's clean energy agency in court

Reliance Power, India's largest renewable energy agency, said Thursday it would legally challenge the ban imposed by the agency for three years on participation in clean energy projects.

Solar Energy Corporation of India Limited said that on Wednesday it had banned Reliance Power, and its subsidiaries after the state-owned company found that the bank guarantee was fake when scrutinizing a bid.

Reliance Power is a coal-powered generator that wants to expand its renewable energy business in India and abroad.

Reliance Power issued a statement saying that "the Company and its subsidiary acted in good faith and were victims of fraud, forgery, and cheating conspiracy."

Anil Ambani is the chairman of Reliance Group. The company has already filed a complaint with the Economic Offences Wing of the Delhi Police against the third-party that provided the bank guarantee. The company did not identify the third party.

Indian companies are looking more and more to establish clean energy projects, as they aim for 500 GW in renewable energy by 2030. This is part of the country's 2070 goal of net zero energy. The current installed capacity is about 154 GW.

Anil Ambani, the Indian market regulator's chief executive officer, was fined $3 million and banned from the Indian securities markets for five years in August on charges of money laundering. Sethuraman N R; Sonia Cheema, Editor.

(source: Reuters)