Approval of Adani renewable energy deal in India under bribery scrutiny

From Investing.com: 2024-12-17 01:56:47

SECI approached Andhra Pradesh for India’s largest renewables contract, despite previous lack of need for solar power. State government quickly approved deal with Adani Green, potentially worth over $490 million annually. U.S. prosecutors now investigating alleged bribery scheme involving Adani and state officials for power purchase. Adani denies allegations.

Approval process for solar deal under scrutiny, rushed through cabinet despite finance and energy departments’ concerns. Andhra Pradesh will pay 2.49 rupees per kilowatt-hour for solar power. Analysis shows state could pay 23% more than agreed due to taxes and duties not included in contract. State seeking to suspend deal due to Adani’s indictment.

State treasury could face hundreds of millions of dollars in annual solar bills, equivalent to spending on social security and nutrition programs. Andhra Pradesh seeking to suspend deal due to Adani’s indictment.



Read more at Investing.com: Adani deal under bribery scrutiny was approved against officials’ advice By Reuters