Adani Power gets 67 out of 100, ranks in top 80 percentile of all global electric utilities in S&P Global CSA score

November 29,2024

Adani Power on Thursday said that it has achieved 67 out of 100 in the Corporate Sustainability Assessment (CSA) by global rating agency S&P Global for FY 2023-24. This compares to the sectoral average of 42 and APL’s own FY23 score of 48, said the company through stock exchange filing.

With this score, Adani Power is in the top 80 percentile of all global electric utilities, said the company's statement.

The S&P Global CSA Score is the S&P Global ESG Score – a measure of a company’s performance and management of material ESG risks, opportunities, and impacts informed by a combination of its disclosures, media and stakeholder analysis - without any modelling approaches.

Last week U.S. authorities accused Adani, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and misleading U.S. investors.

The ports-to-power conglomerate denied the charges as "baseless" and vowed to seek "all possible legal recourse".

Adani Group's clarification on bribery charges:Adani Group executives haven't been indicted on bribery charges by the US authorities, the conglomerate said on Wednesday, while adding that the action taken by the US authorities has led to "significant repercussions including... international project cancellations, financial market impact and sudden examination from strategic partners, investors, and the public".

The clarification on the bribery charge sparked a surge in Adani Group shares.

Adani Green Energy Ltd said group founder chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA) over bribery, nor is the civil complaint filed by the US Securities and Exchange Commission (SEC) based on this. Instead, they have been charged on three counts in the criminal indictment-alleged securities fraud conspiracy, wire fraud conspiracy and securities fraud, the company said in the Adani Group statement that was issued on Wednesday.

The corruption matter only applies to Azure Power and CDPQ executives, according to the Adani Group.