The Centre’s initial investigations have found no merit in allegations levelled by Andhra Pradesh Chief Minister YS Jaganmohan Reddy that the previous government led by N Chandrababu Naidu favoured top renewable energy firms — Greenko, Renew Power and Mytrah Energy — with longterm contracts at exorbitant rates.
Power and renewable energy minister RK Singh said Reddy’s letter was forwarded to the ministry of new and renewable energy (MNRE), which is examining the issues. A senior government official said prima facie, there is no evidence of mala fide as most of these assets of the companies in question were purchased on operating basis, and tariffs were approved by the state electricity regulator.
Singh has earlier written to Reddy citing concerns that renegotiation of contracts will hurt investment sentiment and action should be taken only against companies proven guilty. The Japanese ambassador has also expressed his concern to the state. Read More
Latest posts by The Economic Times (see all)
- Petronet to sign $2.5 billion LNG deal with US developer Tellurian: Sources - September 21, 2019
- Adani Transmissions takes over SPV set up by PFC Consulting for Rajasthan project - September 20, 2019
- Taking a step towards smart street lighting - September 19, 2019