Fake guarantees: SECI issues notice to RPower

NEW DELHI: Renewable energy agency SECI has sent a show cause notice to Reliance Power, asking why criminal action not be taken against the company and its arm for submitting fake bank guarantees. Last week, Solar Energy Corporation of India barred Reliance Power and its arm from participating in its tenders. Source link

Economy

ADB increases climate finance after US, Japan give world’s first sovereign guarantees

The Asian Development Bank will increase its climate-related lending by up to $7.2 billion after the United States and Japan agreed to underwrite risk for some existing loans, an ADB executive said, marking the first ever sovereign guarantees for climate finance. The new strategy, shared exclusively with Reuters, offers a potential template for other development […]