Adani Pulls Out of $442M Wind Power Deal in Sri Lanka 🇱🇰

⭕ Adani Group withdraws from a 484MW wind power project in Sri Lanka after the new govt sought to renegotiate a lower tariff.

⭕ Investment plan: $442M for wind farms in Mannar & Pooneryn.

⭕ The previous govt negotiated an unsolicited deal at 8.26 cents/kWh. The new govt wanted it below 6 cents/kWh.

⭕ Recently, through a competitive bidding process, Sri Lanka awarded a 50MW Mannar wind plant to Hayleys Fentons at 4.65 cents/kWh.

⭕ Adani spent $5M on pre-development before backing out.

⭕ A court case & environmental concerns also played a role, and the govt revoked its previous approval in Jan 2025.

#SriLanka #Adani #WindPower