Explosive allegations made by Adani’s own lawyer could blow lid off Tamil Nadu solar scam Ramanathan S. February 29, 2016 https://www.thenewsminute.com/article/explosive-allegations-made-adani-s-own-lawyer-could-blow-lid-tamil-nadu-solar-scam-39587 the Adani group, in an unusual petition to the Madras High Court, sought to gag its own lawyer, Kabilan Manoharan of Ms KabiLaw Attorneys-at-law, after he threatened to publicize illegalities in the project unless his remuneration was increased. Taking cognizance of Adani group’s argument that all the information shared with Kabilan fell under attorney-client privilege, Justice KK Sasisharan of the HC ordered an interim injunction gagging the lawyer from speaking out against the client, noting that this was indeed prima facie blackmail by the lawyer...
..gist of the alleged violations listed out by Adani’s own lawyer, as quoted by the Madras HC order:
1. Illegal purchase of lands at the ground level.
2. Non-compliance with many regulations.
3. Illegal and fraudulent documentation submitted to meet TANGECO specifications for power-purchase agreement (PPA). The lawyer further says that it was on the basis of the PPA that loans amounting to Rs. 2300 crore were taken from IndusInd Bank, SBICaps and Standard Chartered.
4. Violation of SEBI regulations and listing agreements by non-disclosure of material information.
https://solarquarter.com/2022/04/18/adani-solar-expands-to-tamil-nadu-partners-with-festa-solar/ Tamil Nadu government is promoting solar power across the state through Rooftop as well as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Yojana (KUSUM) segments. The installation of Adani Solar’s off-grid panels will help consumers mitigate the risks of power cuts while its on-grid panels will assist in reducing electricity costs. ... Mr. Rahul Bhutiani, Head – Sales & Marketing, Adani Solar, said,...The Indian renewable energy sector has witnessed tremendous success in the installation and supply of solar power. ... We will be offering power facilities via solar panel distribution to customers at competitive rates for applications in the Tamil Nadu market. .. Festa Solar, as the authorized channel partner of Adani Solar, will be responsible for all the solar retail requirements in the region.”
https://www.careratings.com/ https://www.careratings.com/upload/CompanyFiles/PR/17012022064443_Adani_Green_Energy_Limited.pdf Large portfolio of under-construction assets resulting in execution risk, albeit majority of incremental capacities expected to be contracted with stronger counterparties
Around 73% of AGEL’s total portfolio of around 20 GW is under-implementation, marked by operational to under-construction
assets ratio of 0.36:1. AGEL expects to commission projects of over 4 GW each, in FY22 and FY23, and 2 GW each, thereafter till
FY26. Large under-construction portfolio entails high project execution risk as any delay in project completion would lead to time
and cost overrun and its associated financing risks. However, given the modular nature of the operations of AGEL with integration
with its group entities for procurement of solar modules and construction of power evacuation infrastructure, along with its strong
execution capabilities and demonstrated track record of early commissioning of certain assets, mitigate the execution risk to an
extent. Furthermore, the expected commissioning of large capacities ahead of its schedule entails an infirm revenue, which is
part of overall capital budgeting. Any delay in commissioning of capacities beyond the envisaged timelines would increase the
reliance on internal accruals for project financing.