Adani Group Faces US Bribery Allegations Linked to Solar Energy Corporation of India

The renewable energy sector in India is facing a storm of allegations as the US authorities accuse the Adani Group of paying over $250 million in bribes to secure solar power agreements. The accusations, detailed in a US court filing, point to alleged corruption involving the Solar Energy Corporation of India (SECI), a central PSU under the Ministry of New and Renewable Energy.

SECI's Role in the Alleged $250 Million Bribe Scandal

SECI, known for facilitating renewable energy projects, plays a pivotal role in India’s green energy push. It organizes tenders, procures energy from developers, and sells it to state electricity distribution companies (DISCOMs). The case dates back to SECI’s ambitious 2019 tender for 12,000 MW of solar electricity and 3,000 MW of solar panel manufacturing, awarded to Adani Green and Azure Power.

Details of the 2019 Renewable Energy Tender Under Scrutiny

According to the US court documents, SECI struggled to finalize power supply agreements (PSAs) with state DISCOMs due to high energy prices, putting the lucrative deals at risk. Allegedly, members of the Adani Group, including Gautam Adani and his nephew Sagar Adani, conspired to bribe Indian government officials to expedite these agreements. The court alleges that approximately ₹1,750 crore ($250 million) was offered to secure PSAs, with a notable meeting involving Gautam Adani and a government official in Andhra Pradesh highlighted in the case.

Adani Group Denies Allegations, SECI Maintains Neutral Stance

The Adani Group has denied all allegations, emphasizing that charges are merely claims until proven in court. SECI’s Chairman RP Rupta has stated there is no basis for SECI to investigate the matter, maintaining a neutral stance. Despite the legal defenses, the case has sparked widespread attention, bringing scrutiny to one of India’s most prominent renewable energy players.

The Securities and Exchange Commission (SEC) of the US highlighted the financial stakes, pointing out that Adani Green stood to earn billions in revenue and profits from the contested projects.