NEW DELHI: Adani Green Energy has pulled out of two proposed wind power projects and linked transmission traces, which might have seen a complete funding of about $1 billion, in Sri Lanka after Colombo sought to trim the tariff.
The firm wrote to Sri Lanka’s Board of Investment on Wednesday to convey its resolution. (*2*) an organization spokesperson stated on Thursday.
The settlement for the venture was signed in May 2024 when an interim govt headed by President Ranil Wikremesinghe was in workplace. The venture entailed constructing two wind farms with a complete capability of 484 MW in Mannar and Pooneryn areas together with transmission traces to evacuate power. These have been to be accomplished by 2026.
Adani Group finds revised tariff unviable
It got here underneath scrutiny after Anura Kumara Dissanayake gained the presidential election in Sept 2024 on anti-corruption plank and a promise to cancel the deal.
In Jan, his govt revoked the power buy settlement together with orders to assessment the venture and renegotiate the tariff from $0.08 per unit to $0.06 or decrease.
Adani Group discovered the revised tariff economically unviable, however informed the Board of Investments it revered the Sri Lankan govt’s sovereign proper to assessment the venture.
