Adani Green Clarifies 'Order Is Awaited' On Reports Of CERC Questioning Transfer Of Power
The media report does not have any adverse impact on company's business or operations, Adani Green said the statement.
Adani Green Energy Ltd. clarified that an order from the Central Electricity Regulatory Commission is awaited concerning reports that the power regulator questioned the transfer of Azure Power India's 2,333 megawatt capacity share to the Adani company.
Solar Energy Corp. of India had filed a petition before the power regulator in April 2024 and had placed a power purchase agreement executed with the company's subsidiaries on record in the petition, it said.
SECI had placed on record the supplemental power sale agreements executed with the Andhra Pradesh government and Discoms, it said in an exchange filing on Friday. Agreements were executed after CERC's 2022 order, it said.
Media reports said that CERC had questioned the transfer of the 2,333 MW capacity of Azure Power to Adani Green in the 7,000 MW solar power project for Andhra Pradesh. It said that the CERC has asked SECI to explain how Azure was substituted as power developer by AGEL to supply power to Andhra Pradesh.
CERC adopted tariff for a total of 8,800 MW power for various states through 2022 order, Adani Green said. "CERC order is awaited in this regard," it added.
"Media report does not have any adverse impact on company's business or operations," it said in the statement.
The Adani Group has firmly rejected allegations made by the US authorities and later said that Founder Gautam Adani, Adani Green Energy Executive Director Sagar Adani, and Chief Executive Officer Vneet Jaain have not been named in the bribery charges.
The operational risks in Adani Group have reduced over the years, with a fall in share pledges, and improving leverage among others, Bernstein Research recently said in a note.
