Andhra scraps clean-energy projects, financiers threaten legal action


Andhra scraps clean-energy projects, financiers threaten legal action

Leading global financiers have warned the Indian government, through the Ministry of External Affairs (MEA), that they might drag Andhra Pradesh (AP) to international arbitration for cancelling clean energy projects.

These were scrapped by the state government in July for wrongful bidding. Sources in the government said several countries had reached out the MEA, expressing concern and indicating global legal action if the issue was not addressed soon.

Nearly 7,000 Mw of solar and wind power projects face cancellation in AP, putting more than Rs 40,000-crore investment in danger. The investors are apprehensive AP will set a precedent for other states. Read More

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