Adani Accused of $265M Bribery Scheme in Andhra Pradesh Solar Deal
Indian billionaire Gautam Adani and associates are accused of a $265 million bribery scheme in Andhra Pradesh, according to US authorities. The scheme involves securing power supply contracts for Adani Green Energy's solar projects.
Adani Green Energy has been urging Andhra Pradesh to begin offtaking power under a 2021 deal since April. The deal, involving 7,000 megawatts of solar power, is now facing challenges. Andhra Pradesh demanded an unconditional waiver on inter-state transmission charges for the 25-year contract. Without this waiver, the cost of solar power to Andhra Pradesh would rise significantly, from ₹2.49 to ₹3.49 per unit. The deal is in question as the government's solar corporation lacks the power to guarantee or grant such a waiver. Despite Adani Group's denial of allegations, no charges have been filed under the US Foreign Corrupt Practices Act.
The future of Adani Green Energy's solar power deals with Andhra Pradesh remains uncertain. The state's demand for a transmission waiver is a major obstacle, with the government's solar corporation unable to provide guarantees. The alleged bribery scheme, involving Gautam Adani and associates, is under investigation by US authorities.
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