US prosecutors have charged Gautam Adani and seven others in a $250 million bribery case involving contracts with the Solar Energy Corporation of India (SECI). Allegations include bribing Indian officials to secure renewable energy projects and concealment of the bribery scheme while seeking US investor funds. The contracts, awarded between December 2019 and July 2020, included an 8 GW solar project with a $6 billion investment. Prosecutors claim evidence of bribery efforts was electronically documented and partially destroyed. Adani Group stocks fell to 20% following the charges.
Adani accused of $250M bribes for $6B solar deal with SECI
Allegations include bribing Indian officials to secure renewable energy projects worth $6 billion. (Image Credit/Source: Kelly/Pexels)
NTPC prioritizes solar over wind, limiting wind and battery projects to 10% of its renewable portfolio. (Image Credit/Source: Kelly/Pexels)
Scatec retains 13% and 12% stakes in Kalkbult, Linde, and Dreunberg solar plants after the sale to STANLIB. (Image Source: Scatec)
The financing partnership between RIC Energy and Rosemawr will fund interconnection deposits for up to 450 MW of renewable projects in NY. (Image Source: RIC Energy)
The ITC investigation focuses on alleged violations of Trinasolar’s Tunnel Oxide Passivated Contact (TOPCon) solar cell technology patents. (Image Source: Trinasolar)