The Adani Group has called the news of the cancellation of its power purchase deal in Sri Lanka as “false and misleading”. The group spokesperson dismissed the reports and clarified that his Sri Lankan wind energy projects were not canceled. Earlier there were reports that the Sri Lankan government has canceled this deal of $ 448 million. At the same time, it was also said that a committee has been formed to review the project in view of the allegations of corruption on the Adani group in the US.
Adani group statement
The Adani Group spokesperson said clearly, “The reports of the cancellation of our 484 MW wind energy projects in Mannar and Punarin are completely false and untrue. This project has not been canceled. ” The spokesman said that the Sri Lankan government decided to review the tariff on 2 January 2025. This is part of a regular process, which is to ensure that the conditions are in line with the preferences and energy policies of the new government.
The Adani Group also said that it is committed to investing $ 1 billion in Sri Lanka’s Green Energy Sector. This investment is towards promoting renewable energy and economic growth in the country.
Legal step against allegations in America
The Adani Group has appointed legal firms for independent review of bribery charges against them in the US. Adani Green Energy Limited (AGEL) told the stock market that the group had taken the services of legal experts for independent review on these allegations. However, the names of the firms have not been revealed.
What are the allegations?
In a New York court in November last year, in an indictment filed by the US Department of Justice (US DOJ), Gautam Adani, his nephew Sagar Adani and another AGEL executive Vineet Jain were accused of acquiring solar energy sales contracts Had planned to bribe to. This deal could have a profit of about two billion dollars in 20 years from this deal.
Adani Group Answer
The Adani Group has dismissed these allegations outright and described them as baseless. The group said it is committed to following transparency and moral business standards.
Sri Lanka Project status
- Project scale: Wind Energy Project of 484 MW in Mannar and Punarin.
- Investment: 1 billion dollars.
- Review process: The Sri Lankan government has decided to review the sanctioned tariffs in May 2024, which the Adani Group has described as a normal process.
Comments are closed.