Adani Group Rejects Claims Of Sri Lanka Wind Power Project Cancellation

Adani Group said in that statement that reports of its 484 MW wind power projects in Mannar and Pooneryn being cancelled are false and misleading.

"We categorically state that the project has not been cancelled. The Sri Lankan Cabinet’s decision of Jan. 2, 2025, to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies. Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth," the company said in an official statement.

Earlier in the day, AFP reported that Sri Lankan President Anura Kumara Dissanayake's administration conducted an investigation into the Adani group's local projects.

Adani Group is playing a prominent part in expanding the country's port infrastructure. The Colombo terminal project, which involves a infusion of $1-billion, marks the largest foreign direct investment in Sri Lanka's port sector.

The company on Thursday reported a 85% surge in its net profit for the three months ended December. The renewable energy company's bottom line came in at Rs 474 crore in the quarter ended Dec. 31, 2024, in comparison with Rs 256 crore in the same quarter a year ago, according to an exchange filing.

The consolidated revenue during the quarter under review came in at Rs 2,365 crore, up 2.3% as against 2,311 crore in the corresponding period of the last fiscal.

Adani Green Energy's operational capacity grew by 37% due to addition of 3.1 gigawatt of capacity in the third quarter of fiscal 2025. The company's current energy portfolio stands at 11.6 GW. A total of 67% of this portfolio consists of solar energy, 18% of hybrid power and the balance of wind. The company aims to increase this capacity to 50 GW by 2030.

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