India’s Adani Group has decided to pull out of its $440mn wind power projects in Sri Lanka after the new government in Colombo launched a review of the tariffs agreed for the deal.

Energy giant, Adani has decided to withdraw from its proposed $ 1 billion wind power project based on the build-own-operate (BOO) model in Mannar and Pooneryn. The move follows the President Anura Kumara Dissanayake administration deciding to renegotiate the previously approved project for a lower cost.

Adani Group withdraws from a $442 million wind power project in Sri Lanka following government negotiations over energy costs.

Adani Green Energy Ltd (AGEL) officially announced on Thursday that it has withdrawn from two planned wind power projects in Sri Lanka citing recent developments in project negotiations.

Adani Green Energy Ltd told Sri Lanka’s Board of Investment on Wednesday that it would “respectfully withdraw” from the wind project following discussions with officials who indicated that fresh committees would be formed to “renegotiate the project proposal”.

Adani Group is officially withdrawing from a $442 million wind power project in Sri Lanka after the government attempted to renegotiate the agreement for better energy rates.

"Adani Green Energy has conveyed its Board's decision to respectfully withdraw from further engagement in the renewable energy (RE) wind energy project and two transmission projects in Sri Lanka," the