The country needs trillions of investment, including a hefty dose of foreign capital, to wean itself from coal. That challenge just got tougher.

The U.S. indictment of Gautam Adani has thrown a spotlight onto the rolling risks of India’s solar industry. Last week, prosecutors in New York charged the billionaire and several others of securities and wire fraud by agreeing to bribe government officials to secure solar power contracts for the Adani Group’s $19 billion renewable energy unit.

American prosecutors have accused Gautam Adani of orchestrating a scheme to bribe officials with $265 million to secure state energy contracts. The Indian billionaire responded to the allegations for the first time on Saturday.

Adani, 62, one of Asia’s richest men, was thrust into the spotlight last week when U.S. prosecutors in New York charged him and seven of his associates with securities fraud.

The billionaire said the company is committed to "world-class regulatory compliance," without giving further details.

Gautam Adani breaks silence on US allegations to say his group is committed to compliance:: Gautam Adani, Adani Group founder"Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy.