Cabinet to decide on committee to review Adani wind energy projects

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By Editor_1
Wind turbines generating electric power with renewable energy against golden sunset at Mandvi seaside ,Kutch, Gujarat, India - Shutterstock

COLOMBO – A proposal to appoint a committee to review the Adani Group’s wind energy projects in Sri Lanka is to be submitted to Cabinet on Monday (6), a spokesperson for the Ministry of Energy announced on Sunday (5).

The projects in question involve the construction of wind power plants in the Mannar and Poonaryn regions, under an agreement approved by the previous administration, which established a tariff of 8.26 US cents per unit of electricity for the energy generated by the wind projects.

The review committee is expected to reconsider the terms and conditions of the project agreement ensuring transparency and assess its alignment with Sri Lanka’s energy needs and national interests.

The Adani Group, one of India’s largest conglomerates, has recently been embroiled in allegations of financial misconduct and corporate fraud. In November 2024, the US Department of Justice charged the Group’s founder chairman Gautam Adani, and seven others over allegedly conspiring to pay US$ 265 million in bribes to Indian officials to secure lucrative solar power supply contracts that were expected to yield US$ 2 billion in profits over 20 years.

In early 2023, a report by the US-based financial research firm Hindenburg Research accused the group of engaging in stock price manipulation and accounting fraud spanning decades. The charges and the accusations caused a sharp decline in Adani Group’s market value and raised questions about its global ventures, including its energy projects in Sri Lanka.

While the Adani Group has consistently denied these allegations, the controversy has cast a shadow over its international dealings, with critics questioning the transparency and due diligence involved in awarding contracts to the conglomerate.

In Sri Lanka, the Adani Group’s involvement in renewable energy projects has been a contentious issue, with some political factions alleging that the deals were awarded without a competitive bidding process and lacked proper scrutiny. The proposed review by the new committee is expected to address these concerns and ensure accountability in the country’s renewable energy sector.

The Mannar and Poonaryn wind energy projects are critical components of Sri Lanka’s push to diversify its energy mix and reduce reliance on fossil fuels. However, the reassessment of the agreement reflects a broader effort to ensure that such initiatives adhere to principles of good governance, transparency, and value for money, especially as the country grapples with an ongoing economic crisis.

The Ministry of Energy emphasized that the committee’s evaluation will focus on ensuring the projects align with Sri Lanka’s renewable energy goals while protecting the country’s financial and environmental interests.

-ENCL

 

 

 

Editor_1
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