US SEC Alleges Gautam Adani Discussed Bribes With Ex-AP CM Jagan Mohan Reddy To Secure Solar Power Deal

The United States Securities and Exchange Commission (SEC) has claimed that Gautam Adani met with then Andhra Pradesh Chief Minister Jagan Mohan Reddy in August 2021 to address the state's hesitation in signing an agreement with the government-run Solar Energy Corporation of India (SECI). According to the SEC's court filings, "incentives" were discussed to secure the agreement.

Soon after the meeting, Andhra Pradesh agreed to purchase seven gigawatts of power from SECI, which then entered into a power purchase agreement with Adani Green and renewable energy firm Azure Power. This deal became the largest solar power procurement by any state at the time.

The US indictment, which charged Adani with bribery and fraud, stated that a bribe of Rs 1,750 crore was offered to an unnamed Andhra Pradesh government official (referred to as Foreign Official #1).

The indictment also noted that in 2020, Adani Green Energy secured a contract to provide 12 gigawatts of solar power to SECI, but SECI struggled to find buyers for the electricity.