Sri Lanka Revokes Power Purchase Agreement with Adani Amid Corruption Allegations

In a significant move, Sri Lanka's government has revoked the pricing agreement for the Adani Group's wind power projects, citing concerns over previously negotiated rates. Although the projects in Mannar and Pooneryn are not cancelled, a committee has been appointed to review the terms following allegations of corruption against the conglomerate. The previous administration had agreed to purchase electricity at a rate of USD 0.826 per unit, which faced criticism for being higher than local bids. The Adani Group has denied any cancellation and remains committed to its investments in Sri Lanka's green energy sector.

 

Source: Telegraph India, Business Standard, Hindustan Times