In Sikkim, the state government has decided to sell a substantial stake in the Sikkim Power Investment Cooperation (SPIL) to M/s. Greenko Energies Private Limited (GEPL). The decision, made by the Cabinet on February 2, 2024, involves the transfer of a significant 60.08 per cent stake of SPIL, along with its subsidiary Sikkim Power Valley Transmission Limited, to GEPL with immediate effect. The decision has drawn sharp criticism from various quarters, with accusations of undue favoritism and a lack of transparency in the process. Dr. Thapa, the State President of BJP Sikkim and MLA has voiced concerns over the government’s handling of the situation, highlighting the disregard for the grievances of the Sikkimese people, particularly those affected by the devastating flash floods of October 4, 2023.
The flash floods, triggered by a glacial lake outburst, wreaked havoc in North Sikkim and the Teesta basin, leading to the cessation of electricity generation at the 1,200 MW Teesta Stage-III Hydro Power Project. Despite the magnitude of the tragedy, the subsequent decision to sell off the project’s stake has left many feeling betrayed and disillusioned. Key irregularities have been highlighted in the process, including the absence of an open tender process, bypassing of technical and financial evaluations, and a lack of clarity regarding the government’s share of the project’s returns. Questions have also been raised about the handling of the insurance claim for the project, which was fully insured.
Dr. Thapa and others have called for accountability and transparency from the government, demanding clarification on the decision-making process and the interests served by the sale of the stake. They argue that the government must prioritize the welfare of the Sikkimese people and address their concerns, rather than catering to vested interests.
