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  • Bribery Scheme for Licensable Solar Power Deals
    Posted on November 22nd, 2024 in Exam Details (QP Included)

    Bribery Scheme for Licensable Solar Power Deals

    • U.S. Department of Justice indicts Adani Green Energy Ltd. and Azure Power Global Ltd. for bribery to secure solar power contracts.

    • The scheme was implemented between December 2019 and July 2020, with Azure Power and Adani Green’s subsidiary supplying 4 GW and 8 GW of solar power respectively to the Solar Energy Corporation of India (SECI).

    • High energy prices in the LOA made it difficult for SECI to find buyers, jeopardizing the lucrative LOAs and corresponding revenue.

    • The co-conspirators devised a scheme to offer, authorize, make, and promise bribe payments to Indian government officials in exchange for State discoms entering into Power Sale Agreements (PSAs) with the SECI.

    • Azure Power owed Adani Green ₹55 crore for the bribes promised to secure the 650 MW PPAs and ₹583 crore for the bribes promised to secure the 2.3 GW PPAs.

    • Azure Power agreed to return the 2.3 GW PPAs to the SECI, with the understanding that Adani Green or its subsidiary would acquire it for itself.

    • The alleged bribery scheme fructified on March 18, 2024, with SECI terminating the 2.3 GW PPAs, authorizing reallocation of the 2.3 GW PPAs to Adani Green’s subsidiary, and affirming Azure Power’s obligation to continue developing the 650 MW PPAs.

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