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India Coal Giant Reliance Power Challenges Clean Energy Bidding Ban
India’s Reliance Power, a subsidiary of the Reliance Group, has announced that it will legally challenge a three-year ban by state-owned Solar Energy Corporation of India Limited (SECI) from participating in its clean energy project tenders. According to SECI, Reliance Power, a coal power generator, was banned after its endorsement of a bank guarantee was found to be fake. However, Reliance Power has defended itself by saying it’s simply a victim of fraud.
“The Company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy,” Reliance Power said in a statement.
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Run by Reliance Group Chairman Anil Ambani, the younger brother of billionaire investor Mukesh Ambani, Reliance Power said it has lodged a complaint against the third party that arranged the bank guarantee with the economic offenses wing of the Delhi Police. The ban is a significant setback for Reliance Power as it looks toexpand into the domestic and overseas renewable energy sector.
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India has set a target to install 500 GW of renewable energy by 2030 as part of its 2070 net zero goal, up from the current installed capacity of about 154 GW. However, India’s green energy push is not as aggressive as China’s, with the country likely to continue relying on coal for power generation for decades. Two years ago, India’s coal minister Pralhad Joshi said that coal will continue to play an important role in India until at least 2040, referring to the fuel as an affordable source of energy for which demand has yet to peak in India.
“Thus, no transition away from coal is happening in the foreseeable future in India,” Joshi said, adding the fuel will continue to play a big role until 2040 and beyond.
The bold declaration came even as calls for countries to switch to cleaner forms of fuel intensified at U.N. climate talks taking place in Egypt. At the COP27 talks, U.N. Secretary-GeneralAntonio Guterres called for urgent action to cut emissions, including phasing out coal by 2040 globally.
By Alex Kimani for Oilpice.com
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