Media

Tim Buckley said that Adani’s woes may bring benefits to opening space for other companies. There are other Indian companies interested in investing in renewable energy and now there could be an acceleration of India’s transition to cleaner energy. “Adani Group’s continuing interest in new fossil fuel projects put the Indian government under pressure to deliver a fossil fuel agenda and less pressure to deliver on renewables. At the end of the day, it’s about removing the biggest single private developer of new fossil fuel projects in India, reducing their impact on the political system and democracy in India.” Read more

“Many of the foreign entities controlled by Gautam Adani’s brother Vinod appear to function as middlemen for shifting money around the conglomerate while obscuring the source of those funds, analysts and critics said. Many of the companies had no obvious signs of operations or reported employees, yet collectively moved billions of dollars into Indian Adani entities, often without required disclosures, Hindenburg said. ‘I’ve never seen a corporate structure so opaque, so untraceable,’ said Tim Buckley.” Read more

Two years ago, PM Modi vowed that half India’s energy needs would come from renewables by 2030, and Adani unveiled plans to spend US$70bn on green investments, such as batteries, solar and green hydrogen. Post the Hindenburg report allegations, Tim Buckley said: “The Adani Group is unlikely to be able to access any material amount of new capital to complete the proposed green-investment pipeline beyond the existing new facilities already financed and under development”. Read more

Tim Buckley on Adani’s deal to sell power from its Godda plant to Bangladesh: “This appears to be the most expensive, lopsided contract to replenish the pockets of the ex-richest man in Asia, at the expense of the people in Bangladesh.” Read more

On Adani’s deal with Bangladesh to purchase power from the company’s Godda coal-fired power plant, Tim Buckley said: “The way I would put it is heads Adani wins, tails you lose. The contract is so biased against the interests of Bangladesh to the point that one has to wonder why any sensible person would sign it on behalf of the Bangladeshi government. Read more

As JP Morgan removes Adani from its ESG funds, Tim Buckley described the investor losses as an “absolute failure” on the part of regulators and index providers, saying regulators need to stay on top of “the biggest systemic risks, and one of the big systemic risks is the index funds and the lack of clarity and regulatory definition.” Read more

On the deal Adani has stitched up with Bangladesh to supply power from its Gooda coal fired power plant, Tim Buckley said “This appears to be the most expensive, lopsided contract to replenish the pockets of the ex-richest man in Asia, at the expense of the people in Bangladesh.” Further extensive commentary in the attached article. Read more

Adani had made a deal for Bangladesh to import power from its 1,600MW Godda power plant in India, using coal from Adani’s Australian Carmichael mine. Tim Buckley said the Bangladeshi deal “is one of the most expensive power purchase agreements” he has ever seen and “strategically ridiculous” for Bangladesh. Read more

In this feature, Tim Buckley notes that Adani’s troubles since it was accused of the world’s biggest con by Wall St research firm Hindenburg presents “huge potential capacity for other national players to step up, leveraging their domestic skills and capacity, combined with expanding global capital access and interest in investing in Indian renewables and grid infrastructure”. Read more

Tim Buckley told Crikey it’s clear the “pervasive corrupting influence of coal [is] permeating through all government decisions” as India eyes potential global superpower status and “Adani leverages crony capitalism for everything he can milk from it.” Read more

Tim Buckley in this Forbes magazine story on Adani’s brother in light of the Hindenburg allegations: “I’ve always thought it was a partnership. Gautam was the warm, cuddly, friendly public face of the pair, and Vinod the mastermind in the private tax haven, the real puppet master.” Read more

A feature on Adani’s international investments and their intersections with India’s foreign policy from Washington based think tank the Stimson Centre quotes Tim Buckley’s commentary from Washington Post. Read more