Sri Lanka has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, according to an AFP report that was published by the Economic Times newspaper on Friday.

Sri Lanka has revoked a 2024 power purchase agreement with Adani Green Energy for a proposed wind power plant in the Northern Province, amid corruption allegations, AFP reported on Friday (24 January).

Adani Green Energy shares fell nearly 6% after reaching a day’s high, following a report that Sri Lanka cancelled a $440 million power purchase agreement with the company.

Sri Lanka has revoked a power purchase agreement with Adani Group’s renewable energy unit after allegations of corruption levelled against the Indian conglomerate in the US last year that brought some of its foreign projects under fresh scrutiny.

Sri Lanka has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, energy ministry sources in Colombo said yesterday.

Sri Lanka’s Cabinet, under President Anura Kumara Dissanayake, has canceled the award of 484 MW wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd, a project initially granted in June 2024 by former Prime Minister Ranil Wickremesinghe.

Adani Group has clarified that their power purchase agreement for wind power projects in Sri Lanka has not been revoked, despite reports to the contrary. A standard review of the tariff is underway by the Sri Lankan government,

The Adani Group, led by Gautam Adani, has refuted claims that Sri Lanka officially revoked its power purchase agreement (PPA) with the Indian conglomerate due to corruption allegations. The group has