Indian Adani withdraws from a problematic $ 442 million Sri Lanka projects of wind farms | Business and economy news
A conglomerate that founded billionaire Gautam Adani says he withdrew from projects because they were “financially uncertain”.
Indian conglomerate Adani Group withdrew from a problematic wind farm project in the amount of $ 442 million at Sri Lanka after the Government of the Island State sought to negotiate an agreement.
The Sri Lanka (Boi) Investment Committee announced on Thursday that he had received a letter from Adani Green Energy Limited, saying that he had decided to “with respect to withdraw” from the project, involving the construction of two wind farms along with two transmission projects.
The new Sri Lanka government examined Adani projects after US authorities accused The founder of the billionaire Gautam Adani Other executives in November that part of the payment scheme for the insurance of the Indian Coart Treaties were charged by the company.
Last month, the Government announced that she had started talking to Adana Group to reduce power costs in projects with an earlier figure from 0.08 to about $ 0.06 or less per kilowatt-pam (KWH).
The project was signed under a temporary President Ranil Wickremesinghe In May 2024.
A spokesman Adani explained that the group withdrew from projects because they were “financially uncertain”.
“It has been learned that another negotiations committee and the Committee on the project that has been appointed a project for the transfer of the project proposal will be established,” said the company to the President of the Sri Lanka investment committee in the letter.
“This aspect was thought on the Committee … and it was decided that, although the company completely respects the sovereign rights of Sri Lanka and its election, it will respectfully withdraw,” he added in a letter on Wednesday, seen by Reuters news agency.
In a statement on Thursday, Adani Green said she was still dedicated to Sri Lanka and that she was open to future cooperation if the Government in Colomba wanted.
The Adani Group is also involved in the construction of a 700 million dollar terminal project at the largest Port in Colomb.
The US Corporation for Financing International Development initially pledged $ 553 million for the Adani’s West container terminal in Colomb, but later pulled out.
Sri Lanka, without money, which suffered a crippled power and the fuel shortages during Economic Crisis 2022He was trying to speed up renewable energy sources to protect himself from slope in imported fuel costs.
Adani was the first foreign investor to enter Sri Lanka after that financial crisis.
