YSRCP Responds to Adani US Indictment Bribery Allegations, Denies Direct Involvement

The Yuvajana Sramika Rythu Congress Party (YSRCP), led by Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, has denied any direct involvement with the Adani Group in connection with the bribery allegations outlined in the recent US court filings against Gautam Adani and others. The allegations suggest that bribes worth approximately Rs 1,750 crore were paid to a senior Andhra Pradesh government official to facilitate the purchase of solar power from the Solar Energy Corporation of India (SECI) by the state’s power distribution companies.

In a statement issued by the YSRCP central office, the party clarified that the Andhra Pradesh government had entered into an agreement with SECI to procure solar power but emphasized that there was no direct agreement between the state’s power distribution companies (DISCOMs) and any entities, including the Adani Group. The party further stated that the allegations against the state government in light of the US indictment were incorrect.

The YSRCP also addressed the power procurement situation at the time, highlighting the state’s effort to manage the growing cost of power, particularly in supplying nearly 12,500 million units of free power to the agricultural sector. The government had to compensate distribution utilities for the cost of supply. The statement noted that previous governments had executed Power Purchase Agreements (PPAs) at high tariffs, contributing to the financial burden on Andhra Pradesh’s power distribution companies.

To mitigate the situation, the Andhra Pradesh government in 2020 proposed the installation of 10,000 MW of solar power capacity in solar parks across the state. However, due to legal and regulatory challenges, the initial tender process for 6,400 MW did not materialize. Subsequently, SECI offered to supply 7,000 MW of power at the lowest discovered tariff of Rs 2.49 per kWh.

The power procurement agreement was approved by the Andhra Pradesh Electricity Regulatory Commission (APERC) in November 2021 and finalized with SECI through a Power Sale Agreement (PSA) signed in December 2021. The YSRCP stated that the procurement was entirely with SECI, a Government of India enterprise, and there was no direct connection to any entities from the Adani Group.

In conclusion, the party rejected the bribery allegations, asserting that all procedures were followed transparently and in accordance with regulatory approvals.