Adani indictment in the US won’t affect the KETRACO deal; CS Wandayi
Adani indictment in the US won't affect the KETRACO deal; CS Wandayi
Energy and Petroleum CS Opiyo Wandayi has said Indian billionaire Gautam Adani indictment in the United States will not affect the Kenya Electricity Transmission Company Limited (KETRACO) deal with Adani Energy Solutions.
Speaking on Thursday, November 21, the CS said Gautam’s indictment in a multi-million scheme to bribe Indian officials is not related to the deal.
“Would these emerging reports in any way affect the delivery of this project? We can’t tell, why? Because they are not related to this project,” the CS said.
Wandayi further stated that there was no case of bribery before the signing of the deal between KETRACO and Adani Energy Solutions.
“Could this bribery or corruption claims have a bearing on our own process? To my knowledge there has been no case of corruption or bribery as far as this PIP of Adani Energy Solutions is concerned,” he added.
In October 2024, Wandayi announced the signing of a 30-year deal between KETRACO and Adani Energy Solutions to develop, finance, construct, operate, and maintain key transmission lines and substations across the country.
CS Opiyo stated that the Ksh 95.68 billion deal will address the persistent power blackouts, as well as ensure power reliability.
“The signing of this agreement marks the conclusion of a long-negotiated process that has been ongoing for the past 4 months. As part of this infrastructure development, the Project Company will raise all the funding in form of debt and equity that will be repaid over the 30-year period of the project agreement.
“The project cost, that is currently estimated at KShs 95.68 billion will be crystallised through a competitive bidding process, that will be jointly handled by KETRACO and the Project Company, thus ensuring significant value for money for the country. The competitive bidding process will prioritise local content and ensure that we prioritise business opportunities for Kenyans,” the CS said.
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Gautam, the chairman of the Adani Group, was indicted in the U.S. on Wednesday, November 20, for allegedly orchestrating a scheme to bribe Indian officials with over $250 million to secure lucrative solar energy contracts.
The indictment includes charges of securities fraud and conspiracy, asserting that Adani and his associates misled U.S. investors about their compliance with anti-bribery laws while raising funds for their projects.
However, in a statement on Thursday, the company refuted the claims saying it will seek all legal avenues in handling the matter.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” read part of the statement.
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