Adani Green Energy’s record $6 billion solar power project announced in June has no guaranteed customer, its deal with India’s main solar-adoption agency shows, and may expose the company to higher financial risk. Shares in the firm, controlled by billionaire Gautam Adani, have soared three-fold since the signing of the 8 gigawatt (GW) multi-plant deal, which Adani hailed as the “largest of its type, ever” and a landmark for India.
However, previously unreported details of the agreement between Adani Green and Solar Energy Corp of India Ltd (SECI) reveal the agency has no “legal or financial obligation” to support the project if SECI fails to find buyers.
