The US court indictment against Adani group revealed that the bribes offered by the Adani Group to former chief minister YS Jaganmohan Reddy’s regime for power purchase agreements were Rs 1750 crore. However, in practice due to this bribery nexus, the burden of about Rs. 72,000 crores fell on the people of the state.
A situation arose where the state was financially vulnerable to the mutual interests of ‘Jagan-Adani’. The previous Jagan government had removed all obstacles to benefit Adani. Just to open the doors for Adani it canceled the 10,000 MW tenders called by Andhra Pradesh Green Energy Corporation Limited (APGECL).
APGECL had called tenders in 2021 to procure solar power to implement the nine-hour free electricity scheme for farmers. Solar production companies came forward to offer the unit at a price of Rs 2.49. At that time, the domestic price of solar power was Rs. 2.92 per unit.
Responding to the tender called by APGECL, solar companies offered to give the unit for Rs. 2.49, which became a benchmark at the national level. But, Jagan’s regime sketched a scheme to rob Adani. Adani and Azure, which had signed an agreement with SECI, met Jagan in 2021.
They revealed that they were ready to supply 9,000 MW of solar power, for which the unit price was Rs. 2.92. However, Gujarat was already taking solar power from SECI for Rs. 1.99 per unit. At the same time, bidders for the tenders called by APGECL said that they would give the unit power for Rs. 2.49 per unit.
In these circumstances, it became impossible for Adani to buy a unit from Azure for more than that at Rs. 2.92. At the same time, Adani met Jaganmohan Reddy separately. An agreement was reached at the Chief Minister’s residence to provide solar power at Rs. 2.31 per unit, 17 paise per unit with a seven percent commission, by which a total unit for Rs. 2.49.
Moreover, somewhere in Rajasthan, solar power generated to supply AP will cost an additional 80 paise per unit under transmission charges. That total value is Rs. 30,600 crores. In the same year, the Gujarat government was buying a unit from SECI for Rs. 1.99, but Jagan did not care. He was ready to pay an additional 50 paise.
“We have signed an agreement with SECI. Not with Adani. Where is the mention of bribes?’ YCP leaders are questioning. But that’s where the real drama lies. What Seki sells is the electricity generated by Adani Green Energy! That is what the DISCOMs buy is Adani’s electricity!
The US investigation agencies have also said that ‘Seki’ was used to say that everything is being done transparently. On the other hand APERC clearly stated in the orders issued approving these PPAs that Seki has entered into agreements with Adani and Azure companies.