New Delhi: In a blow to Reliance Power’s renewable energy initiatives, Solar Energy Corp. The Solar Energy Corporation of India (SECI) has prohibited Anil Ambani’s company, along with its subsidiaries and Reliance NU BESS Ltd, from taking part in its tenders for three years. This decision follows the submission of purportedly fraudulent documents by Anil Ambani’s companies in response to a tender issued by SECI in June, which called for bids to establish 1000 MW/8333 MWh standalone BESS projects, SECI announced on Thursday. Subsequently, the tender process was ultimately called off. Upon examining the documents provided by Maharashtra Energy Generation Ltd, now referred to as Reliance NU BESS Ltd, it was found that the bank guarantee supporting the earnest money deposit, which was issued by a foreign bank, was counterfeit, according to SECI. “The bidder, as a subsidiary of M/s Reliance Power Limited, had fulfilled the financial qualifications by leveraging the financial strength of its parent company. After a thorough review, it was deemed reasonable to assert that all commercial and strategic choices made by the bidder were primarily influenced by the parent company,” it stated. Stating that SECI’s action was “unjustified,” Reliance Power has announced plans to pursue legal action against the debarment. “On October 16, 2024, a criminal complaint concerning this issue was already filed with the Economic Offence Wing of Delhi Police against the third party. The legal process will continue. The company announced in an exchange filing that it will pursue all necessary legal measures to contest SECI’s unjust actions, in support of its over 4 million shareholders. Reliance Power further stated that both the company and its subsidiaries acted “in good faith” and have fallen victim to fraud, forgery, and a cheating scheme. Business Standard reported on November 4 that the tender was canceled because of fraudulent documents submitted by the Reliance Power subsidiary. This is significant as SECI, which releases tenders for renewable energy projects like solar, wind, and hybrid, plans to tender 20 GW of projects in the current fiscal year, aiming for 50 GW of green power capacity annually until FY28. Reliance Power holds assets in coal, gas, hydro, and renewable energy, with a commissioned portfolio of 5,300 megawatts. Also Read: Renewable energy is beginning to reduce power costs for cement and metal companies. On November 6, Rosa Power Supply Company Ltd, a subsidiary of Reliance Power, declared that it has paid off a ₹485 crore loan to the Singapore-based lender Varde Partners, reaching a zero-debt position.
