Reshaping Renewable Tenders: SECI's Strategic Shift Beyond Bribery Allegations

The Solar Energy Corporation of India (SECI) has altered its tendering process for renewable energy projects following accusations of bribery involving the Adani Group. SECI aims to reduce corruption by basing 75% of its new bids on specific state demand rather than seeking power suppliers first.

In response to bribery allegations involving the Adani Group, the Solar Energy Corporation of India (SECI) has revamped how it issues renewable energy tenders. Previously, SECI sought power suppliers and then approached buyers, a method criticized for its corruption risk.

Now, around 75% of new bids will be driven by specific demands from states, minimizing the influence of power producers. The SECI official stated that no internal investigation had been warranted, with U.S. authorities also refraining from accusing SECI of any misconduct.

Despite this, foreign investment in India's renewable sector might temporarily decrease, and SECI's tendering is expected to slow. The organization aims to meet its renewable energy goals by securing bidders for remaining projects by fiscal year-end.

(With inputs from agencies.)