Adani slashes Maharashtra power project cost by 99%, its forest dues plummet; Centre orders probe
ADANI Green Energy Ltd, a renewable energy company owned by the Adani Group, has sought to sharply revise downwards the cost of its 1,500 megawatt hydropower project in Maharashtra’s Satara district to Rs 56.75 crore from Rs 5,675 crore, according to documents and records reviewed by The Indian Express.
This reduction in cost to a one-hundredth matters because it also proportionally reduces the money Adani Green Energy has to deposit towards wildlife sanctuary conservation and protection to just Rs 2.27 crore as against Rs 227 crore. The proposal to revise the project cost estimate to Rs 56.75 crore was accepted by the Maharashtra forest department recently, and the company accordingly deposited Rs 56.75 lakh (1% of Rs 56.75 crore) into the bank account of Sahyadri Tiger Reserve, with the balance to be deposited after the National Board for Wildlife (NBWL) clears the project.
Following a complaint by Rohan Bhate, Honorary Wildlife Warden, Satara district, registered on October 30 with the Prime Minister’s grievance redressal portal and to the Chief Minister of Maharashtra through the state government’s Aaple Sarkar grievance redressal portal, alleging “incorrect cost of the project”, the Union Ministry of Environment, Forest and Climate Change (MoEF&CC) has directed the state forest department on November 6 to investigate the matter on priority.
Project site near Tondoshi village- Adani Green Energy’s Pumped Storage Project in Patan taluka of Maharashtra’s Satara district. (Photo: Chandan Haygunde)
The state forest department has also initiated a probe.
The 1,500 megawatt Tarali Pumped Storage Project (PSP) is proposed on the Tarali dam reservoir and is spread over 150.74 hectares of non-forest land in Nivade, Tondoshi, Kalambe and Jalu villages in Patan taluka of Satara district. According to the state forest department, the project passes through the buffer/ deemed Eco-Sensitive Zone (ESZ) of Koyna WildLife Sanctuary in Satara, which is part of the Sahyadri Tiger Reserve (STR).
The Indian Express visited the project site near Tondoshi in Patan taluka where work is currently underway.
When asked about complaints of incorrect project cost, an Adani Group spokesperson said, “All the Tarali PSP elements are within private land ownership across three revenue villages in Patan taluka and have no Forest land. PSPs do not have any adverse impact on the downstream ecology, environment, forest, or wildlife in the area during operations. In fact, the smaller ponds that are created from moving the same water between two reservoirs, have a positive impact on the local ecology as there shall be water content/ humidity in air surrounding the pondage helping/ supporting the flora and fauna around it all throughout the year.” The spokesperson did not respond to the specific question on the revised project cost.
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Project site near Tondoshi village- Adani Green Energy’s Pumped Storage Project in Patan taluka of Maharashtra’s Satara district. (Photo: Chandan Haygunde)
Adani Green Energy had made the request for revising the cost to Rs 56.75 crore in a notarised affidavit to the Maharashtra forest department on September 8 this year. In the letter of the Union Ministry of Environment, Forest and Climate Change dated February 11, 2025, which recommended grant of prior Environment Clearance to the project, the cost is clearly mentioned as Rs 5,675 crore.
Project cost
Rs5,6.75crore
4% deposit for wildlife conservation
Rs 227 croreRs 2.275 crore
The figure in the Environment Ministry’s February 2025 letter. The forest department sought Rs 227 crore on this basis.
The figure in the company’s affidavit: one-hundredth of the earlier cost, so the deposit falls by the same proportion.
Tap the two documents above to compare
How the figure changed
Feb 11, 2025The Environment Ministry’s letter recommending prior Environment Clearance gives the project cost as Rs 5,675 crore.
Feb 23, 2026The State Board for Wildlife sets 15 conditions, one being a deposit of 4% of the project cost to the Sahyadri Tiger Reserve.
March 2026Maharashtra’s PCCF (Wildlife) M Srinivas Reddy asks the company to deposit Rs 227 crore.
Sept 8Adani Green Energy submits a notarised affidavit saying the cost was based on “analogous estimation”, and asks that Rs 56.75 crore be considered the project cost.
Oct 12The PCCF’s office agrees to the affidavit and asks for 1% now (Rs 0.5675 crore), and 3% (Rs 1.7075 crore) after National Board for Wildlife approval.
ThenThe company deposits Rs 56.75 lakh with the tiger reserve, its field director confirms.
Oct 30Honorary Wildlife Warden Rohan Bhate complains to the Prime Minister’s grievance portal and the Chief Minister, alleging an “incorrect cost of the project”.
Nov 5The Deputy Director of Koyna Wildlife Sanctuary is asked to inquire into the complaint.
Nov 6The Environment Ministry asks the state to “investigate the matter on priority”. The state forest department has also begun a probe.
What they say
Adani Group spokesperson“All the Tarali PSP elements are within private land ownership… and have no Forest land.”The spokesperson did not respond to the specific question on the revised cost.
M Srinivas Reddy, PCCF (Wildlife)“You should ask the company why it submitted an affidavit with a revised project cost.”
Rohan Bhate, complainant“Even a layman would understand that such a huge power project cannot happen on such a low budget.”
The project still needs the National Board for Wildlife’s consideration. The probes are under way.
Source: Ministry of Environment, Forest and Climate Change; Maharashtra forest department; company affidavit; as reported by The Indian Express. Dates from September onwards are in 2026.
Created by Chandrashekar Srinivasan
After the Environment Clearance, the State Board for Wildlife met on February 23, 2026, to consider the proposal. It laid down 15 conditions, one of which required the company to make a deposit of 4% of the project cost to the bank account of Sahyadri Tiger Reserve for wildlife sanctuary conservation.
A senior forest officer, who did not wish to be named, said, “The ESZ of Koyna Wildlife Sanctuary has not been notified yet. As per the Supreme Court directions, a 10 km radius area around the sanctuary is considered as deemed ESZ. The Tarali PSP is located within the deemed ESZ. As per existing norms, private companies setting up projects in ESZ are asked to deposit up to 4% of the project cost for forest conservation and protection. Accordingly, Adani Green Energy Limited was told to deposit Rs 227 crores to STR.”
Screenshot of company’s Affidavit saying the project cost is Rs 56.75 crores.
Maharashtra’s Principal Chief Conservator of Forest (Wildlife) and Chief Warden for Wildlife M Srinivas Reddy first wrote to the company in March 2026 asking it to deposit Rs 227 crore and submit an affidavit confirming it would fulfil all other 14 conditions. After this, the project proposal would be forwarded to the National Board for Wildlife (NBWL) for consideration, he said.
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But then, Adani Green Energy Chief Operating Officer Naresh Telgu submitted the notarised affidavit about the project cost to Reddy. In the letter Telgu said, “As stated in the enclosed affidavit, while submitting Part IV of the proposal, the project cost was considered based on an analogous estimation. We respectfully request that project cost mentioned herein may kindly be considered for the subject proposal.”
The notarised affidavit itself states: “While submitting the part IV the cost of the project is considered based on analogous estimation, we considered as INR 56.75 crore, request you to please consider the same as project cost.”
Project site near Tondoshi village- Adani Green Energy’s Pumped Storage Project in Patan taluka of Maharashtra’s Satara district. (Photo: Chandan Haygunde)
On October 12, Reddy wrote again to Adani Green Energy stating that his office has agreed to the notarised affidavit listing the project cost as Rs 56.75 crore, and has submitted a letter requesting the government to present the project before NBWL’s standing committee.
The letter further asked the company to immediately deposit “Rs 0.5675 crores”, which is 1% of the revised project cost of Rs 56.75 crore to the STR. The remaining 3% or “Rs 1.7075 crores” should be paid after NBWL’s approval, the letter said.
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When contacted, Reddy told The Indian Express, “You should ask the company why it submitted an affidavit with a revised project cost.”
Sahyadri Tiger Reserve Field Director Tushar Chavan confirmed that Adani Green Energy deposited Rs 56.75 lakh (1% of revised project cost) into STR’s bank account.
In its letter to the state PCCF (Wildlife) on November 6 calling for a probe, the MoEF&CC said, “The protection, conservation and management of the wildlife, including mitigation measures, is primarily the responsibility of the State/UT government. In this context, it is requested to investigate the matter on priority and to take appropriate action. A suitable reply may be furnished directly to the applicant under intimation to this Ministry.”
Screenshot of a page from Environmental Clearance, posted on Adani Energy’s website, showing the project cost Rs 5675 crores.
Following Bhate’s complaint to the Chief Minister, the Deputy Director of Koyna Wildlife Sanctuary too was asked on November 5 to inquire into it and take further action as per rules.
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Clearance
Feb 11, 2025Rs 5,675 crore
Environment Ministry
Its letter recommending prior Environment Clearance gives the project cost.
Conditions
Feb 23, 20264% of project cost
State Board for Wildlife
Lays down 15 conditions, one of them a deposit of 4% of the project cost to the Sahyadri Tiger Reserve.
March 2026Rs 227 crore
Maharashtra PCCF (Wildlife) M Srinivas Reddy
Asks the company to deposit the 4% and file an affidavit on the other 14 conditions.
Revision
Sept 8Rs 56.75 crore
Adani Green Energy
A notarised affidavit says the cost was considered “based on analogous estimation” and asks that a new figure be taken as the project cost.
Oct 121% now: Rs 0.5675 crore
PCCF’s office
Agrees to the affidavit, forwards the proposal for the National Board for Wildlife, and asks for 1% now and 3% after its approval.
ThenRs 56.75 lakh paid
Sahyadri Tiger Reserve
Its field director confirms the company has deposited the first instalment.
Scrutiny
Oct 30
Rohan Bhate, Honorary Wildlife Warden
Complains to the Prime Minister’s grievance portal, and to the Chief Minister through the state’s Aaple Sarkar portal, alleging an “incorrect cost of the project”.
Nov 5
Koyna Wildlife Sanctuary
Following the complaint to the Chief Minister, the sanctuary’s Deputy Director is asked to inquire into it.
Nov 6Probe ordered
Environment Ministry
Asks the state’s PCCF (Wildlife) to “investigate the matter on priority”. The state forest department has also initiated a probe.
Next: the project still needs the National Board for Wildlife’s consideration. The company has said the project is on private land with no forest land; it did not respond to the specific question on the revised cost.
Source: Ministry of Environment, Forest and Climate Change; Maharashtra forest department; company affidavit; as reported by The Indian Express. Dates from September onwards are in 2026.
Created by Chandrashekar Srinivasan
When contacted, Bhate said that if a private project cuts through the ESZ of a notified tiger corridor, asking its proponent to deposit up to 4% of the project cost for wildlife conservation and protection, is an established procedure under the statutory laws.
“Accordingly, the State Board for Wildlife rightfully laid a condition that Adani Green Energy Limited should deposit Rs 227 crore to Sahyadri Tiger Reserve. It is shocking that the forest department accepted the company’s affidavit in which it has, by placing a decimal in between, stated the project cost as Rs 56.75 crore, which is 100 times lesser than actual estimate. Even a layman would understand that such a huge power project cannot happen on such a low budget. Furthermore, giving an undue concession or discount of about Rs 225 crore, the company was asked to deposit just Rs 2.275 crore. This decision should be revoked immediately. The government should investigate the matter impartially and punish all those who are found guilty,” Bhate said.
- 01Adani Green Energy sought to revise its Satara hydropower project cost from Rs 5,675 crore to Rs 56.75 crore.
- 02The cut reduces its wildlife conservation deposit from Rs 227 crore to just Rs 2.275 crore.
- 03The 1,500 MW Tarali project lies in the deemed Eco-Sensitive Zone of Koyna Wildlife Sanctuary.
- 04The State Board for Wildlife had required a deposit of 4% of project cost for conservation.
- 05The company’s COO submitted a notarised affidavit on September 8 citing an “analogous estimation”.
- 06The Environment Ministry’s February 2025 clearance letter lists the project cost as Rs 5,675 crore.
- 07The state’s Chief Wildlife Warden accepted the revised cost on October 12 and sought NBWL consideration.
- 08Adani has deposited Rs 56.75 lakh, 1% of the revised cost; the balance is due after NBWL approval.
- 09The Centre ordered a priority probe on November 6 after a wildlife warden’s complaint.
- 10Koyna sanctuary’s Deputy Director was asked on November 5 to inquire, and the state forest department has also begun a probe.
- 11Adani says the project has no forest land and no adverse impact on downstream ecology or wildlife during operations.
- 12The company did not specifically answer the question on the revised project cost.
- 13Wildlife warden Rohan Bhate says a project this size cannot be built on such a budget.
Source: The Indian Express. NBWL: National Board for Wildlife.
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