The U.S. indictment of Gautam Adani has thrown a spotlight onto the rolling risks of India’s solar industry. Last week, prosecutors in New York charged the billionaire and several others of securities and wire fraud by agreeing to bribe government officials to secure solar power contracts for the Adani Group’s $19 billion renewable energy unit.

India's Solar Energy Corporation of India (SECI), a major player in the country's renewable energy sector, is facing bribery allegations. The U.S. Justice Department alleges that over $250 million in bribes were paid to secure state-level agreements for a massive 15 GW solar project awarded in 2019.

Gautam Adani, a billionaire from India, and seven others are accused of hiding bribes to Indian officials from U.S. investors in a solar energy scheme worth billions of dollars.