Big News Related BESS & Solar Energy :

Anil Ambani experienced an unexpected setback merely 24 hours following the receipt of favorable news, as Reliance Power faced a three-year ban.

Reliance Power Allegations of Fraudulent Tender Documentation: Recently, Anil Ambani has experienced a pattern where positive developments are quickly overshadowed by negative news. Just a day prior, it was reported that Rosa Power, a subsidiary of Reliance Power, had successfully eliminated its debt. However, shortly thereafter, it was announced that both Reliance Power and Reliance NU BESS Limited have been prohibited from engaging in tenders with the government solar entity SECI for a period of three years due to allegations of submitting fraudulent documents. Additionally, it is worth noting that SEBI had previously imposed a five-year ban on Anil Ambani from participating in the securities market.

The Solar Energy Corporation of India Limited (SECI) has stated in a notice that Maharashtra Energy Generation, referred to as Reliance NU BESS for a specific project, was found to have submitted a fraudulent bank guarantee in place of the Earnest Money Deposit (EMD). This guarantee, issued by a foreign bank, did not meet the tender requirements upon review of the documents provided by the bidder. This issue pertains to the Request for Selection (RFS) issued for the establishment of a single base Battery Energy Storage System (BESS) project with a capacity of 1,000 MW / 2,000 MWh, which was part of the competitive bidding process conducted by SECI