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Gourab Banerji Says More Renewable Energy Disputes Will Shift from Regulators to
India’s rapid expansion in renewable energy is set to fundamentally alter the landscape of dispute resolution, with a growing number of conflicts moving away from traditional regulatory forums and into . This prediction came from , President of the , during a high-level panel discussion at Week 2026. Speaking at , Banerji argued that while tariff disputes will remain within the , other categories of disputes—such as those arising from , supply chains, operation and maintenance, storage, performance, and shareholder disagreements—are increasingly suitable for or backed by technical experts.
“Because of renewable energy being such a big player, I think a large number of the disputes will now fall outside the regulator,” Banerji said. He expressed a clear preference for and over approaching regulators for every conflict. “I am actually more comfortable with plus experts or plus experts as opposed to going to the regulator for each and everything.”
The panel, titled “The Green Investment Playbook: De-risking Indian renewable energy investments and cross-border opportunities in clean energy, energy storage and transmission assets,” was part of the broader “Investing in India’s Future: Powering Growth Through Energy, Infrastructure & Legal Certainty” event. Moderated by , Partner at , the discussion brought together leading practitioners and experts to address the unique challenges of the renewable energy sector.
A in Dispute Nature
Banerji emphasised that the transition from conventional thermal power to renewable energy represents more than just a change in technology—it is a in the nature of disputes. “The evolving pattern is the shift to renewable energy means that it is not just a shift of degree, it's a ,” he said. Unlike traditional power projects, renewable projects raise novel questions involving , , , payment, and . On , Banerji pointed out that there remains a significant unresolved question over how the risk should be allocated between developers, off-takers, and grid operators.
This shift is already being felt in practice. The panel noted that as renewable energy projects become more complex and interconnected—with multiple agreements such as , , , and —the potential for disputes multiplies. One key challenge discussed was the difficulty of resolving conflicts where interconnected agreements contain different clauses and procedural mechanisms. The panellists suggested that at the drafting stage, using the same institution and compatible seats where possible, could mitigate this risk.
: The Biggest Concern
, an independent arbitrator with and former Chief Executive Officer and Registrar of the , identified as one of the most significant threats to large energy projects. He warned that even after a developer successfully completes a project, failure to receive payment can trigger defaults under and potentially jeopardise the entire project. “ is really, to me at least, one of the most significant risks that you will have to deal with,” Naing Oo said.
He also highlighted currency fluctuations and restrictions on cross-border movement of funds as important concerns for foreign investors. These issues are particularly acute in emerging markets like India, where regulatory changes and foreign exchange controls can disrupt cash flows. The panel noted that effective dispute resolution mechanisms must address these risks to attract and retain foreign investment.
The for Foreign Investors
, Partner at , distilled the requirements of foreign investors into what he called the “”: certainty, clarity, and consistency. “If you are able to achieve all three, possibly it's a good investment,” Agarwal said. He stressed that investors need greater certainty over which disputes will go before regulators and which can be arbitrated. Currently, the line between regulatory and arbitrable disputes in the Indian energy sector is often blurred, creating unpredictability.
Agarwal also flagged inadequate contractual mechanisms and the possibility of policy changes following a change in government as concerns for investors. He advised that the should be made with in mind. “It is not about conducting an , it is about recovering that money. No point of having an award which you can't ultimately enforce,” he said. This practical perspective underscores the importance of selecting seats and institutions with a strong track record of enforcement under the .
The Role of and
, Registrar of the , stressed the importance of and in technically complex energy disputes. He recounted an arising from a wind farm project where the claim was around ₹260 crore and the claimant spent approximately ₹4 crore on proceedings. Despite securing an award, the claimant recovered nothing because the opposing company was wound up around the time the award was delivered. “ is better than a pound of and a tonne of litigation,” Jawad said, using the example to advocate for early dispute resolution through .
Jawad also pointed out that Indian arbitral institutions can be significantly cheaper than foreign institutions, and they can play a crucial role in identifying arbitrators with the right technical expertise. This is especially important in energy disputes, where understanding the underlying technology—whether it involves solar panels, wind turbines, or battery storage—can be as important as legal acumen.
in the Age of
, Partner and Practice Head for Asia and the Middle East at , focused on how the is changing damages and valuation analysis. He said valuers can no longer mechanically assume that traditional power assets will continue operating at historical levels throughout long-term contracts. Referring to the traditional assumption that a thermal power plant with a 30-year PPA would continue operating at broadly similar , Mayal said: “That entire principle is going to be challenged in the new world.”
Mayal explained that valuation exercises will increasingly have to account for the effect of the on the , along with future operating and regulatory costs such as and . He also noted that damages assessments are becoming less deterministic and more probability-based, particularly in disputes involving technology-driven assets such as battery storage. Instead of relying on a single scenario, experts are increasingly using and to show tribunals a range of possible outcomes.
Conclusion: A Call for Preparedness
The panel concluded that the renewable energy boom in India presents both opportunities and challenges for the dispute resolution community. Lawyers, arbitrators, and investors must adapt to the unique features of renewable projects—their technological complexity, their reliance on multiple interconnected contracts, and their exposure to regulatory and payment risks. , choosing the right institution and seat, and embracing and early resolution mechanisms will be key to de-risking investments.
As put it, the shift to renewable energy is not merely a change in the source of power—it is a that demands a corresponding evolution in how disputes are prevented, managed, and resolved. The legal community, particularly in India, must prepare for a future where , not regulation, becomes the default forum for the majority of renewable energy conflicts.
