Adani Green Energy Limited
ADANIGREEN
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In November 2024, the DOJ unsealed a five-count indictment charging Adani Green Energy chairman Gautam Adani, executive Sagar Adani, and five other senior executives with securities fraud, wire fraud, and conspiracy in connection with a scheme to bribe Indian government officials with over $250 million to secure solar energy supply contracts worth more than $2 billion in projected profits. The SEC simultaneously charged Gautam Adani, Sagar Adani, and Azure Power executive Cyril Cabanes for conduct arising from the same bribery scheme. During a September 2021 bond offering that raised $750 million from global investors, including approximately $175 million from U.S. investors, Adani Green's offering materials contained materially false statements about the company's anti-corruption and anti-bribery compliance efforts.
Adani Green Energy Limited is named in a U.S. Securities and Exchange Commission (SEC) civil complaint and a related Department of Justice indictment alleging a bribery scheme to secure multi-billion-dollar energy projects. The November 2024 SEC filing details a scheme to funnel bribes to foreign officials, explicitly naming projects intended for Adani Green Energy Limited. While the company has clarified it is not a direct party to the proceedings and no charges have been brought against the corporate entity itself, the allegations specifically name its leadership, including Chairman Gautam Adani and senior executives, as participants. The severity of the allegations, involving high-value renewable energy contracts, prompted the world’s largest sovereign wealth fund to exclude Adani Green from its portfolio in early 2026, citing unacceptable corruption risk.
Research Sources
3 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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