Adani’s companies were raising billions of dollars in loans and bonds through international banks.
Gautam Adani said on Dec 14, 2021, Azure company was on track “to become the world’s largest renewables player by 2030.”
In early 2020, the Solar Energy Corporation of India awarded Adani Green Energy and another company, Azure Power Global, contracts for a 12-gigawatt solar energy project, expected to yield billions of dollars in revenue for both companies, according to the indictment. When the Azure CEO wrote on Nov 24, 2020, that the local power companies “are being motivated,” Sagar Adani allegedly replied, “Yup ... but the optics are very difficult to cover. In February 2021, Sagar Adani allegedly wrote to the CEO, “Just so you know, we have doubled the incentives to push for these acceptances.”
By December 2021, Andhra Pradesh had agreed to buy the power, and other states with smaller contracts soon followed. Other states’ officials were promised bribes as well, US authorities said. According to the Department of Justice, Gautam Adani told representatives of Azure during a meeting in his Ahmedabad, India office the next month that he expected to be reimbursed more than $80 million for the bribes he had paid officials that ultimately benefited Azure’s contracts.
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