Adani Green Energy Ltd has decided not to go ahead with two planned wind power projects in Sri Lanka. This is after the Sri Lankan government asked for lower electricity prices. According to a letter from the Adani Group, these projects were meant to be built in Mannar and Pooneryn and could have brought in $1 billion to the country.
The new government, led by President Anura Kumara Dissanayake, wants to lower the electricity price to less than 6 US cents per unit. Previously, the agreement was to buy electricity at 8.26 US cents. This decision comes at a time when the Adani Group is facing challenges in other countries too. They are dealing with unpaid bills in Bangladesh and canceled projects in Kenya due to a bribery investigation by the US Securities and Exchange Commission (SEC).
The Sri Lankan wind projects would have helped Adani grow its green energy business worldwide, especially since they planned to send electricity from Sri Lanka to India, connecting the two countries’ power grids.
In the stock market, Adani Green Energy’s shares were trading at ₹918.75 on the Bombay Stock Exchange, up by 0.19%. Meanwhile, Adani Enterprises Ltd saw a drop in shares, trading at ₹2,251.80, down by 4.31%.
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