South Africa’s R440 billion power project attracts Indian billionaire facing US bribery probe
Indian billionaire Gautam Adani, one of Asia’s richest men, has been pre-qualified as a bidder for the country's ambitious R440 billion transmission-grid expansion
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Indian billionaire Gautam Adani, who is one of Asia’s richest men, has been pre-qualified as a bidder for South Africa's ambitious R440 billion transmission grid expansion, a project set to modernise the nation’s electricity network.
Adani’s company, Adani Power LTD's Middle East unit, has been shortlisted alongside several major international players, including China’s State Grid International Development Ltd, China Southern Power Grid International Co, and France’s Electricité de France (EDF), as part of the government’s push to attract private sector investment in upgrading the national transmission infrastructure.
Earlier this year, Minister of Electricity and Energy Kgosientsho Ramokgopa said the government wanted to create a framework that would encourage private sector investment in the transmission network.
“We want to create a dispensation where we are going to accommodate the investments by private sector players on the transmission side,” Ramokgopa said.
Adani is one of the world's richest men. According to Forbes, he is ranked among the wealthiest individuals globally, with a personal fortune estimated at $71 billion.
Adani Power Ltd has also been pursuing opportunities to expand its operations in Africa. Reports indicate that the company is in discussions with the Tanzanian government regarding potential power generation and transmission projects.
South Africa's transmission grid project is planned in phases, with the first stage involving the construction of over 1,100 kilometres of transmission lines aimed at connecting new generation capacity, including renewable energy, to the national grid.
Adani is also facing criminal charges in the United States. He and two executives of a renewable energy company have been indicted in New York over allegations of securities fraud and a bribery scheme involving payments to Indian government officials between 2020 and 2024.
The US Securities and Exchange Commission has also filed civil charges related to the alleged scheme, which is said to have involved hundreds of millions of dollars from US investors.
The Adani Group has denied the allegations, stating that the charges are unproven and that the company intends to pursue all available legal recourse.
mthobisi.nozulela@iol.co.za
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