Ahmedabad: Adani Green Energy Thursday said it is withdrawing from further engagements in the renewable energy (RE) wind energy project and two transmission projects in Sri Lanka. However, it reaffirmed the availability of any development opportunity in the South Asian country.
“Adani Green Energy has conveyed its Board’s decision to respectfully withdraw from further engagement in the RE wind energy project and two transmission projects in Sri Lanka,” an Adani Group spokesperson said in a statement.
“However, we remain committed to Sri Lanka and are open to future collaboration if the Government of Sri Lanka so desires,” the spokesperson added.
The Adani Green teams had several rounds of discussions with state-appointed committees. The green energy firm has worked on lands for the project and associated transmission system. Adani Green has spent about $5 million on pre-development activities to date.
Adani Green had earlier committed to setting up two wind farms in Sri Lanka’s Mannar town and Pooneryn village with a total installed capacity of 484 megawatts at an investment of around Rs 6,177 crore.
In May 2024, Adani Green Energy and the Sri Lankan government entered a 20-year power-purchase deal to develop two wind power stations in the country’s northern provinces of Mannar and Punarin, according to a report by the official news portal.
Sri Lanka entered into a 20-year power purchase agreement with Adani Green Energy for two wind power stations developed by the company.
Adani Green Energy won the approval in February 2023 to invest $442 million and develop the 484 megawatts wind power plants in Mannar town and Pooneryn village, both located in the Northern province of Sri Lanka.
The Adani Group is also involved in building a $700 million terminal project at Sri Lanka’s largest port in Colombo.
Last week, reflecting strong revenue visibility, Crisil Ratings revised its outlook for long-term bank facilities and non-convertible debentures of Adani Green Restricted Group 1 (RG) to “positive” and reaffirmed the rating at ‘Crisil AA+’.
‘AGEL RG1’ comprises three special purpose vehicles (SPVs) — namely Adani Green Energy UP Ltd, Prayatna Developers Private Limited and Parampujya Solar Energy Private Limited — henceforth known as ‘AGEL RG1’.
Adani Green Energy’s consolidated net profit rose 85 per cent year-on-year in the third quarter of fiscal 2025 (Q3 FY25).
The operational renewable energy (RE) capacity grew 37 per cent YoY to 11.6 GW which continues to be India’s largest. The company contributed 15 per cent of nationwide utility-scale solar and 12 per cent of wind installations in CY24.
IANS
