Ahmedabad, 13 February (IANS). Adani Green Energy stated Thursday that it is separating itself from renewable energy (RE) wind energy projects and two transmission projects in Sri Lanka.
Adani Group's spokesperson said in a statement that the board of Adani Green Energy has decided to separate RE wind energy projects and two transmission projects in Sri Lanka.
The spokesperson further stated that they are committed to Sri Lanka and are ready to cooperate in the future if the Sri Lankan government wishes.
Adani Green's team had several rounds of discussions with committees appointed by the government, and the company has so far spent nearly $500 million on the development of those sites, including projects and associated transmission lines.
Adani Green was awarded two wind power projects of 484 MW in Mannar and Pooneryn in Sri Lanka and was to invest Rs 6,177 crore in them.
In May 2024, Adani Green Energy and the Sri Lankan government signed a 20-year power purchase agreement to develop two wind energy stations in the northern provinces of the country, Mannar and Pooneryn.
Adani Green Energy received approval in February 2023 to develop wind power plants of 484 MW in Mannar city and Pooneryn village in Sri Lanka's northern province and to invest $442 million.
Additionally, the Adani Group is building a terminal project at Colombo Port in Sri Lanka at a cost of $700 million.
Rating agency Crisil has revised its outlook on the long-term bank facilities and non-convertible debentures of Adani Green Restricted Group 1 (AGRG1) to Positive from Stable, considering the possibility of future income and has reaffirmed the rating at CRISIL AA+.
Crisil further stated that Adani Green Restricted Group 1's plant load factor was better than P90 in 2024, which is expected to lead to better performance and comfortable debt servicing going forward.