Sagar Adani, an executive director of Adani Green Energy and a member of the Adani Group, has been implicated in a bribery case under investigation by U.S. authorities. The allegations suggest that Adani Green Energy, alongside Azure Power, was involved in paying bribes to Indian state government officials to secure power purchase agreements [PPAs]through the Solar Energy Corporation of India [SECI].
According to the U.S. Securities and Exchange Commission (SEC), these bribes were reportedly meant to ensure the signing of contracts at favorable rates for renewable energy projects, which had the potential to generate billions in revenue. Evidence cited includes WhatsApp messages where Sagar Adani allegedly discussed doubling the “incentives” for pushing these agreements. Meetings involving Sagar and Gautam Adani with Indian state officials also allegedly involved bribe negotiations, including a $200 million payment linked to Andhra Pradesh’s agreement to purchase energy.
The Adani Group has denied the allegations, labeling them baseless. The case could pose significant challenges for the group, particularly in international fundraising efforts.
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