Adani Green exits Sri Lanka renewable energy project.

• The move signifies a significant retreat from Adani Group’s investment push in India’s neighboring region.

• The move is a win for Sri Lanka’s President Anura Kumara Dissanayake, who vowed to cancel the “corrupt” project before his election in September 2024.

• The Dissanayake administration revoked a 2024 power purchasing agreement with Adani Green, seeking a lower tariff.

• Adani Green had planned a total investment of nearly $1 billion for the “build-own-operate” project.

• The project has remained contentious since its approval in 2022, despite concerns over due process and environmental risks.

• Adani Green is continuing with the construction of the $700-million West Container Terminal at the Colombo port, partnering with the Sri Lanka Ports Authority and John Keells Holdings.