The Adani group, led by Gautam Adani, said that the information according to which Sri Lanka has officially revoked an electricity purchase agreement with the Indian conglomerate due to allegations of corruption were inaccurate and misleading.
Early in the day, the AFP news agency reported that the administration of Sri Lankan President Anura Kumara Dissanayake had conducted an investigation into the local projects of the Adani group following allegations of corruption and concealment of payments ‘Investors by the United States on November 19, 2024.
Clarifying the information, the Adani group published a statement: “The information according to which the wind projects of Adani of 484 MW in Mannar and Pooneryn were canceled are false and misleading. We categorically declare that the PPA has not been dismissed. On January 2, 2025 to reassess the approved rate in May 2024 was part of a standard revision process, in particular with a new government, to ensure that the conditions correspond to their current priorities and policies. Adani remains determined to invest $ 1 billion in the Sri Lanka green energy sector, stimulating renewable energies and economic growth.
The shares of Adani Green Energy experienced a drop following the announcement of the termination by Sri Lanka of the electricity purchase contract, reaching a lower daily RS 1,008. Adani Green Energy shares have dropped by 0.93 % and closed at Rs 1,011.95.
In May 2024, the former government of Sri Lanka had concluded an agreement to buy electricity at the rate of US $ 0,0826 per kilowatt from an Adani wind power plant, the construction of which was planned in the northern region- west of the country’s island.
The opposition to the agreement came from activists who thought that small renewable energy projects were able to provide electricity at a cost much lower than that of Adani’s proposal.
In addition, the development project of the 484 Megawatts of Adani’s wind power plant in the coastal areas of Mannar and Pooneryn is currently disputed before the Supreme Court for environmental reasons.
