Adani Green Energy exits Sri Lanka wind project over tariff negotiations: Report

The proposed wind projects in Mannar and Pooneryn, including transmission lines would have resulted in a $1 billion investment for Sri Lanka if it had happened.

Published on: Feb 13, 2025, 15:19:52 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Adani Green Energy Ltd will not be building two wind power projects in Sri Lanka after the government sought lower tariffs, Bloomberg reported, citing a letter from the Adani Group.

Adani Green Energy, a business based in India, informed a Sri Lankan government body in writing that it would be pulling out of two proposed wind generating projects in the country. (Reuters)

HT can't independently verify the information.

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The proposed wind projects in Mannar and Pooneryn, including transmission lines, would have resulted in a $1 billion investment for Sri Lanka if it had happened, according to the report.

Sri Lanka, led by President Anura Kumara Dissanayake was trying to reduce the power prices to less than 6 US cents, according to the report which added that this came after the previous administration had agreed to buy electricity at 8.26 US cents.

This comes at a time when the Adani Group also faced setbacks in Bangladesh over unpaid dues and infrastructure projects being scrapped in Kenya after the bribery probe against the Group by the US Securities and Exchange Commission (SEC).

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The Sri Lankan project allowed great scope for Adani to expand its wind portfolio globally, which at the moment is a small portion of its generation mix.

It even had plans to ship the renewable energy from Sri Lanka to India; Plans which involved the two nations linking their power grids.

How did Adani shares perform?

Adani Green Energy Ltd shares were trading at ₹918.75 on the Bombay Stock Exchange (BSE) at 3 pm IST. This was a rise of 0.19% or ₹1.70.

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Meanwhile, the flagship Adani Enterprises Ltd was trading at ₹2,251.80, a drop of 4.31% or ₹101.35.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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