State Of Renewable Sector In 2019
The slowing economy, tariff caps, excessive approvals, policy paralysis, low tariffs and challenges in the acquisition of land have made projects financially unfeasible and unattractive.
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2019 was a lethargic year for the renewable sector, especially wind energy in India. The slowing economy, tariff caps, excessive approvals, policy paralysis, low tariffs and challenges in the acquisition of land have made projects financially unfeasible and unattractive. The states of Gujarat and Tamil Nadu which have favourable wind have had to face the wrath of policy uncertainty and fluctuations.
Land of Tamil Nadu has been of keen interest to wind power producers especially foreign investors for setting up renewable energy projects in India. However, several instances of land grab and cheating have surfaced over the years. One such case of alleged forgery and fraud has come to light, with respect to land, being procured for the 250 MW wind power project. This project is being set up by Vivid Solaire Pvt Ltd, a subsidiary of French power producer Engie. They won the PPA under the national wind auction in 2018.
FIR has been lodged in Tirunelveli, Tamil Nadu on 23 August 2019, against Mr. I. Krishna Pillai, Founder and Chairman of Cape Group of Institutions and Managing Director of Cape Infrastructure amongst other key persons of the Company over alleged fraud, forgery and cheating.
The case was filed by Mr. Surjeet Kumar, the director of Evergreen Renewables Pvt Ltd, a renewable energy development platform.
Per the FIR filed in this case, I. Krishna Pillai along with R. Saravanan, Ramesh Krishnan and Kumaravel, all employees of the Cape Infrastructure Pvt Ltd, allegedly forged the complainant company’s letterhead and used it to make a false board resolution in the name of R.Saravanan forging the signature of Mr. Kumar, to transfer the land fraudulently whose powers of attorney stand in the name of the complainant’s company.
The accused had allegedly registered three fraudulent sale deeds admeasuring approximately 130 acres in favour of Ramesh Krishnan and Kumaravel, in Gangaikondan Sub-Registrar Office in Tuticorin District of Tamil Nadu.
The FIR was lodged under several sections of the Indian Penal Code including those related to fraudulent transfer of property (423), forgery (465), forgery of valuable security (467), forgery for purpose of cheating (468), using as genuine a forged document (471), cheating (420) and punishment of abetment if the act abetted is committed in consequence and where no express provisions is made for its punishment (109).
The Hon’ble High Court of Madras, Madurai Bench ruling on the bail petition of Mr I Krishna Pillai, took note of the crime and has ordered the cancellation of this alleged fraudulent transaction.
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