Adani Green Energy, that is renewable arm of billionaire Gautam Adani’s conglomerate has withdrawn from the $1 billion wind power project in Sri Lanka. Adani Group has conveyed their Board’s decision respectfully to withdraw from the RE wind energy project ad two transmission projects in Sri Lanka, as per firm statement.
The company was decided to invest $1 Billion to generate electricity from wind and lays transmission lines to take it to users. The project came under the scrutiny of the newly elected administration under President Anura Kumara Dissanayake, who aims to cut electricity costs.
Adani Group withdraw from $1 billion Wind Farm
The company has announced their withdrawal from the $1 billion renewable wind farm and transmission project in Sri Lanka. It also mentioned the long discussions and new government renegotiation efforts. The withdrawal from proposed projects comes after procuring all clearances and working on lands for the project and the related transmission system. The company has already spent their $ 5 million on predevelopment projects.
About Sri Lanka Wind Power Project and Its Aim
The Proposed wind power project in Sri Lanka aims to establish 484 MW wind farms in Pooneryn and Mannar. It also aims for 220 KV and 400 KV transmission network expansion to support the energy infrastructure in Sri Lanka. The Adani group has spent the $5 million already pre-development activities and made progress on land acquisitions and clearances.
But, unresolved environmental approvals in Mannar and upcoming Supreme Court case delayed this project, reports said. Adani Green withdraw from this investment, and said they are open to invest in future projects in Sri Lanka. Moreover, the Adani Green Energy shares snapped their five-day loss on Thursday. Their stock is currently trade at ₹936 on the NSE, that is up 2.1% from the previous close trade.
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