Adani withdraws from $1 bn Sri Lanka power project

Wind turbines in Sri Lanka. File pic

Adani Green Energy, the renewable arm of billionaire Gautam Adani's conglomerate, has withdrawn from two proposed wind power projects in Sri Lanka, following the Island nation's new government deciding to renegotiate tariffs.

"Adani Green Energy has conveyed its Board's decision to respectfully withdraw from further engagement in the renewable energy (RE) wind energy project and two transmission projects in Sri Lanka," the firm said.

The company was to invest a total of $1 billion in generating electricity from wind at two projects and laying transmitting lines to take it to users. The plan came under the scrutiny of the newly elected administration under President Anura Kumara Dissanayake who wanted to reduce electricity costs.

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