Adani Green Backs Out of Sri Lankan Wind Power Projects

Adani Green Energy has withdrawn from two wind power projects in Sri Lanka due to financial unviability, following discussions to reduce costs. The decision comes amid scrutiny from U.S. authorities and Sri Lanka’s economic strain, which has prompted a push for renewable energy alternatives.

Adani Green Energy has announced its withdrawal from two proposed wind power projects in Sri Lanka, citing financial unviability. This decision follows negotiations to lower the power costs of the $1 billion initiatives, amidst increased scrutiny of Adani Group projects by Sri Lankan authorities.

The move comes after U.S. authorities accused the Adani Group's founder, Gautam Adani, and other executives of a bribery scheme, a charge the company denies. Despite the withdrawal, Adani Green expressed commitment to future collaboration with the Sri Lankan government if conditions became favorable.

Sri Lanka, reeling from power shortages during a 2022 economic crisis, has been keen to fast-track renewable energy projects to minimize dependency on imported fuel. The Adani Group continues its involvement in a $700-million terminal project at Colombo’s largest port.

(With inputs from agencies.)