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The Sri Lankan government has been assessing Adani’s local projects following allegations of bribery in November 2024. India’s Adani Group has confirmed that its power purchase agreement (PPA) with the Sri Lankan government is still in place, refuting an AFP news report claiming its revocation. The agreement, involving Adani’s wind power projects, remains unaffected despite recent reviews by Sri Lankan authorities, according to a report from Reuters. The Sri Lankan government has been assessing Adani’s local projects following allegations by US authorities in November 2024 that Gautam Adani and other executives were involved in a bribery scheme to secure Indian power supply contracts. Adani has denied these allegations and the AFP report that claimed the cancellation of the PPA. Adani’s spokesperson stated: “Reports that Adani’s 484MW wind power projects in Mannar and Pooneryn have been cancelled are false and misleading. We categorically state that the PPA has not been revoked.” The company views the Sri Lankan cabinet’s recent tariff review as a standard procedure with the new government. Sri Lanka’s Power and Energy Ministry has declined to comment, but two anonymous ministry sources confirmed that the power purchase deal remains under review and has not been revoked. Under the agreement, Adani Green Energy is set to invest $442m to build two wind power stations in Sri Lanka’s northern province, receiving 8.26 cents per kilowatt-hour. Sri Lanka, facing power blackouts and fuel shortages, aims to accelerate green power generation to mitigate imported fuel cost surges. The US allegations on Adani have led some partners and investors to reassess their involvement with the company, with at least one Indian state reconsidering its power agreement while TotalEnergies suspended further investments. Kenya has cancelled more than $2.5bn in deals with Adani, including airport development and power transmission projects, following the US indictment. |
