Indian state digs into mysterious solar deal worth billions with Adani Group
Top official in Andhra Pradesh starts deep-dive into power contracts from previous government linked to **Gautam Adani**. State explores options after US prosecutors file charges about mega-deals in solar sector
Andhra Pradeshʼs finance chief says theyʼre checking old files about a huge solar-power deal (that happened about 3 years ago) with the Gautam Adani-led company. The state wants to see if its possible to end the contract after US prosecutors brought up some eye-opening stuff
The US government says Adani and seven other people paid big-time bribes - like $265-mil to get solar deals in different places. The biggest chunk of money - $228-mil went to someone important in Andhra Pradesh; this helped them get a super-sized 7-gigawatt power deal
Last week the old ruling party (YSR Congress) said they didnt do anything wrong but the current government isnt so sure about that. Payyavula Keshav‚ the states money-boss told reporters: “Were looking at everything from back then; maybe we can stop this whole thing“
The French company TotalEnergies (which owns 20% of Adanis green energy business) hit pause on putting more money in after hearing about these charges. The market isnt happy either - company stocks and bonds are going down-hill fast
The deal they made back then was pretty huge:
- Biggest solar agreement in any Indian state
- Worth many billion dollars
- Covers enough power for millions of homes
- Runs for many years ahead
These allegations are baseless
The state officials are now double-checking every paper trail from the previous governments time - looking at dates signatures and all those little details that might show whats really going on
