Exits Sri Lanka - Business Outrank

The Adani Group’s Adani Green Energy Ltd has announced the cancellation of two wind power projects in Sri Lanka due to the price of power. As Bloomberg reported, the government of Sri Lanka tried to bring the price of power below 6 cents per unit while the previous administration had agreed to buy electricity at 8.26 cents. It halted the $1bn investment when the tariff was cut. In Mannar and Pooneryn, the wind power projects would have included transmission lines, and would have been a huge boost for Sri Lanka’s renewable energy sector. Adani also planned to bring renewable energy from Sri Lanka to India by interconnecting the power grids of the two countries and to expand its global wind portfolio. A number of difficulties are also facing the Adani Group. The group has also had its share of troubles in Bangladesh as it has been unpaid dues while its infrastructure projects in Kenya were halted after the US Securities and Exchange Commission (SEC) launched a bribery investigation. It has, therefore, stunted the group’s expansion in the international market. On the Bombay Stock Exchange (BSE), Adani Green Energy share price was at ₹918.75 with a 0.19% increase while Adani Enterprises Ltd. was down 4.31% at ₹2,251.80. Adani is still committed to its renewable energy strategy despite the current challenges. This is one part of the group’s expansion that has been placed on hold but the group still has other prospects elsewhere.

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