Adani Green Energy Ltd withdrew from building from two renewable energy wind farms in Sri Lanka, the company said in a statement on Wednesday.
Adani Green Energy had been under protracted discussions with the Ceylon Electricity Board (CEB) and government departments for over two years to set up two 484 megawatt (MW) renewable energy wind farms in Sri Lanka's Mannar and Pooneryn.
The project included the associated transmission system, as also additional 220 kilovolt (kV) and 400 kV transmission network expansion to carry power to the southern part of the island nation.
Adani Green Energy said till date it has spent some $5 million on predevelopment activities.
The company said its executives have been holding talks with CEB and Sri Lankan ministry officials in Colombo.
"... It was learnt that another Cabinet appointed negotiations committee (CANC) and Project Committee (PC) would be constituted to renegotiate the project proposal. This aspect was deliberated at the Board of our company and it was decided that while the company fully respects the sovereign rights of Sri Lanka and its choices, it would respectfully withdraw from the said project," Adani Green Energy said in the statement.
"As we bow out, we wish to reaffirm that we would always be available for the Sri Lankan government to have us undertake any development opportunity, if it ever considers Adani Group to participate. We wish to convey our best wishes and gratitude to the government of Sri Lanka for the opportunity of engagement," Adani Green Energy said.
Before the company withdrew from building the two projects, Adani Green Energy teams had several rounds of discussions with state-appointed committees and after more than 14 rounds of discussions, approval was given on tariff, fixed for 20 years, for the power purchase agreement.
"Adani Green also worked on all clearances and licences. With the exception of Mannar environmental approval and an associated Supreme Court case, we have procured almost all clearances. Similarly, we have worked on lands for the project, as well as associated transmission system," Adani Green Energy said.
Adani Green Energy won the approval in February 2023 to invest $442 million and develop the 484 MW wind power plants in Mannar town and Pooneryn village, both located in the northern province of Sri Lanka.
Adani Green Energy Ltd (AGEL) is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. AGEL develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated is supplied to central and state government entities and government-backed corporations.
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