SECI link to Adani bribe, fraud probe: What put India's solar power nodal agency in the dock?
SECI) has found itself at the centre of a huge controversy in the wake of the probe that the US has launched into some of Adani's dealings. As per allegations made by the US Justice Department, officials were paid more than $250 million in bribes to okay solar deals with state govts. Adani Group Chairman Gautam S Adani, his nephew Sagar Adani, and six others have been charged with paying these bribes.
It may be mentioned here that SECI is the the nodal agency and a top trader of renewable energy in India. It holds the highest trading license. The company buys power from developers. It acquires this power through its tendering process. SECI then sells this power to electricity distribution companies. These sales happen through long-term agreements. SECI buys power from renewable energy project developers chosen through competitive bidding. They then sell this power to electricity distribution companies (DISCOMs) through long-term agreements known as Power Purchase Agreements (PPAs) and Power Sale Agreements (PSAs).
Where it all began
As per the case files, a 2019 solar energy project, totaling 15,000 megawatts (12,000 MW of solar power generation and 3000 MW of solar panel manufacturing), faces allegations of bribery. SECI selected Adani Green and Azure Power to develop the project, which included both solar panel manufacturing and electricity generation.
However, disagreements over pricing stalled the project. SECI was unable to secure agreements with state electricity distributors due to «high energy prices».
