Power generation in two newly commissioned renewable energy projects will commence on Sunday, announced Adani Green Energy—the unit of Adani Group, which was recently involved in the US indictment by the DOJ and the SEC for allegedly defrauding American investors and bribing state officials in India.
Adani Green on Saturday night filed a regulatory statement informing the NSE that two “step-down” units of the company, Adani Renewable Energy Forty Eight Ltd and Adani Green Energy Twenty Four A Ltd, commissioned a project each at Khavda in Gujarat.
One of them involved the commissioning of the 62.4MW wind power component of a wind-solar hybrid project, while the other was the commissioning of a 112.5MW solar power project.
Adani Green said that with the commissioning of both plants, its operational renewable generation capacity rose to 11,608.9MW.
Citing relevant clearance, it also said that the plants would be operational to commence power generation from December 29.
In November, the US department of justice (DOJ) announced it indicted Gautam Adani and several key stakeholders for allegedly bribing Indian “officials” and not disclosing it to American investors of Adani Green Energy. Market watchdog SEC pitched in as well, bringing out a statement specifically naming Gautam Adani and his nephew Sagar Adani, among others, in its civil complaint.
Adani Group publicly refuted allegations of violations under the US Foreign Corrupt Practices Act (FCPA), but they confirmed in the same statement that the directors were charged on “three counts in the criminal indictment” that comprised “alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud”.
Adani Green’s shares slid more than 20 per cent in the past month and at least 34 per cent year-to-date. Despite such a slide, Adani group companies, including Adani Green, continued to outperform benchmark indices this week, especially on Thursday following the news of MSC Michela arriving at the Vizhinjam seaport in Thiruvananthapuram, Kerala. This marked the 100th commercial vessel docking in under six months at the port controlled by Adani Ports and Special Economic Zone Ltd.
The arrival of MSC Michela, the 100th commercial vessel to dock at Vizhinjam Port in under six months, is another milestone in India's rapid emergence as a global transshipment hub. With automated container handling, this new port in Kerala is a forerunner of our drive towards… pic.twitter.com/0HVRTBBYJY
— Karan Adani (@AdaniKaran) December 26, 2024
