Adani Green Withdraws From Sri Lanka Wind Power Projects
Adani Green Energy Ltd. has decided to withdraw from building two wind power projects in Sri Lanka following internal deliberations. Despite this decision, the company has reaffirmed its availability for future development opportunities in the South Asian country.
Reason for Withdrawal
The decision to withdraw was influenced by the constitution of another cabinet-appointed negotiations committee and project committee to renegotiate the project proposal, according to a statement by the company.
Discussions and Approvals
Adani Green teams engaged in multiple rounds of discussions with state-appointed committees. After over 14 rounds, an approval was granted on the tariff, fixed for 20 years, for the power purchase agreement. The company also worked on securing all necessary clearances and licenses.
Pre-Development Activities and Expenses
Adani Green had already made significant progress, working on lands for the project and the associated transmission system. The company has spent approximately $5 million on pre-development activities thus far.
Project Details
Adani Green had previously committed to establishing two wind farms in Sri Lanka's Mannar town and Pooneryn village. These projects had a total installed capacity of 484 megawatts and were estimated to require an investment of around Rs 6,177 crore.
Past Agreements
In May 2024, Adani Green Energy and the Sri Lankan government entered a 20-year power-purchase deal to develop the two wind power stations in the country's northern provinces, according to official reports.
Adani Green's Current Portfolio
Adani Green currently operates a renewable energy portfolio of 11.18 GW, with 1.65 GW coming from wind farms spread across Gujarat and Madhya Pradesh. The company aims to achieve a renewable energy capacity of 50 GW by 2030.
Despite this setback in Sri Lanka, Adani Green remains committed to expanding its renewable energy footprint and contributing to a sustainable future.
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