SkyPower Global

SkyPower Global, a company that has been making headlines—not always for the right reasons. This report aims to shed light on the red flags and adverse media surrounding SkyPower Global and its related entities, with a critical eye on their attempts to suppress such information.

SkyPower Global: A Brief Overview
SkyPower Global positions itself as a leading developer and owner of utility-scale solar energy projects, boasting a presence in multiple countries. However, a closer examination reveals a pattern of controversies and questionable practices that raise significant concerns for potential investors and authorities alike.

Legal Tussles in India
SkyPower’s ventures into the Indian solar market have been marred by legal disputes and project cancellations. In 2017, the Madhya Pradesh Power Management Company Limited (MPPMCL) terminated power purchase agreements (PPAs) for two 50 MW projects owned by SkyPower subsidiaries, citing delays in project commissioning. MPPMCL claimed that SkyPower failed to commission the projects within the stipulated 16 months. SkyPower, on the other hand, contended that it had completed the projects on time and had even submitted an application for grid connection four days before receiving the termination order.

Adding to their woes, in 2019, Sterling & Wilson, an engineering, procurement, and construction (EPC) contractor, filed a petition in the Delhi High Court against SkyPower, alleging non-payment of approximately $65 million for two projects in Madhya Pradesh and Telangana. Sterling & Wilson claimed that despite completing the projects and initiating commercial operations, SkyPower had failed to honor its financial commitments. The court issued a stay preventing SkyPower from selling the projects without settling the dues.

Questionable International Engagements
SkyPower’s international endeavors have also raised eyebrows. In 2023, reports emerged suggesting that the company had engaged in dubious activities across multiple countries. For instance, SkyPower allegedly made false commitments to Bangladesh’s Prime Minister in 2015 and later met with Paraguay’s Minister of Industry and Commerce, Luis Castiglioni, during the Abu Dhabi Sustainability Week in January 2023. The meeting resulted in promises to connect SkyPower with Paraguay’s National Electricity Administration (ANDE), but the news received minimal coverage, raising suspicions about the legitimacy of these engagements.

Similarly, in Zimbabwe, SkyPower announced a $400 million investment, promising to create 14,000 jobs nationwide. However, these grand announcements often lack follow-through, leading to skepticism about the company’s actual intentions and capabilities.

Asset Liquidation and Financial Instability
SkyPower’s financial instability is further highlighted by its attempts to liquidate assets. In 2021, Adani Green Energy Limited (AGEL) signed definitive agreements to acquire a 50 MW solar asset from SkyPower in Telangana. The project, commissioned in October 2017, had a long-term PPA with the Southern Power Distribution Company of Telangana. This sale underscores SkyPower’s precarious financial position, as it appears to be offloading assets to stay afloat.

Attempts to Censor Adverse Information
SkyPower’s pattern of controversies and legal disputes has led to increased scrutiny. The company’s attempts to suppress adverse information include minimal media coverage of its questionable international engagements and legal maneuvers to avoid financial liabilities. Such actions indicate a deliberate strategy to censor negative information and maintain a facade of legitimacy.

Conclusion
SkyPower Global’s history is riddled with legal disputes, financial instability, and questionable international engagements. Their attempts to suppress adverse information further exacerbate concerns about the company’s transparency and credibility. Potential investors and authorities must exercise caution and conduct thorough due diligence before engaging with SkyPower Global. The patterns observed suggest a company more focused on maintaining appearances than honoring commitments, raising serious questions about its viability and ethical standards.