Rajasthan High Court Upholds Promissory Estoppel in Renewable Energy Dispute

Ultra Tech Cement Ltd. Vs Energy Department (Rajasthan High Court) In a significant ruling for investor confidence in the green energy sector, the Rajasthan High Court (DB Civil Writ Petition No. 1151/2023) has held that the State cannot arbitrarily withdraw fiscal incentives after investments have been made based on specific policy assurances. The Core Issue: The Rajasthan Solar Policy 2019 promised a 7-year exemption from Electricity Duty for captive solar plants. Acting on this, UltraTech invested approx. ₹89 Crores in solar infrastructure. However, the State subsequently amended the poli...